Indra, a UK-based technology company, has announced that it has received over £20 million of fresh investment following its oversubscribed Series B funding round. The latest funding round was led by Gulf Oil International Limited, which significantly increased its equity stake in Indra.
The investment is a vote of confidence in Indra’s pioneering bidirectional electric vehicle (EV) charging technology and its role in creating a sustainable energy ecosystem for the UK and beyond. The technology is designed to help EV drivers save money and the planet by accessing low-carbon renewable energy to charge their EV battery(ies), and then use any surplus energy stored in their vehicle to power their home or sell back to the grid. It is also seen as a vital component in achieving a sustainable energy ecosystem that can maximize the use of renewable energy to balance peak demand on the grid.
Indra’s CEO, Adrian Moores, said: “Indra’s core mission is to make energy smarter to help enable the road to Net Zero. This additional investment shows the depth of confidence in our groundbreaking technology as we continue to push boundaries and unlock the potential of EVs as portable energy sources for a sustainable, greener energy ecosystem.”
The latest investment will enable Indra to expand the development of its bidirectional EV charging technology and grow its customer base, increase revenue stream in the UK and international markets, and accelerate the development of its home EV charging hardware and technology platform. It follows a series of announcements from Indra on exclusive partnerships with several leading UK brands to supply their customers with its high-performance smart EV chargers and a seamless home installation service.
The funding will also support Indra’s involvement in the UK Government’s V2X (bidirectional charging) Innovation Programme, as industry and government work together to bring this vital technology to consumers in the UK.
See also: Tesla Considers Bidirectional Charging In Next Two Years
Mike Schooling, Indra’s founder and Chief Technology Officer, said: “Indra is all about innovating our way to Net Zero; bidirectional charging technology is enabling us to unlock the potential of EVs as portable energy sources, connecting the vehicle with the home and the grid.”
The investment comes ahead of a large-scale trial of Vehicle-to-Home bidirectional charging technology that Indra plans to run later this year. With the rapid expansion of EV ownership, Indra is strengthening its position as a leading player in the smart home EV charging and energy technology space both in the UK and internationally.
Camille Nehme, VP Strategy and Transformation of Gulf Oil International Limited, said: “Gulf is continuing its transformation journey and is looking forward to working closely with Indra, who continue to lead and develop the V2H/V2G technology that will play a key role in EV adoption”.
