Oversubscribed funding round will help firm meet growing demand for vehicle-to-grid technology in UK and further afield
British electric vehicle (EV) charging technology specialist Indra has raised £20m in an oversubscribed funding round led by lubricant business Gulf Oil International, as it seeks to accelerate the roll out of its bi-directional charging technology.
The Malvern-based company said the additional funds would be used to help expand its customer base, increase its revenues in the UK and abroad, and accelerate the development of its hardware and technology.
Gulf Oil International, which sells fuel lubricants for a range of vehicles as well as in the industrial sector, led the Series B investment round, according to today's update, significantly increasing its existing equity stake in the start-up.
Indra said the fresh investment was testament to market confidence in its smart charging technology, which allows drivers to send energy stored in their EV battery to their home or sell it back to the grid.
Vehicle-to-everything (V2X) technology, sometimes referred to as vehicle-to-grid, is designed to enable consumers to optimise their energy use for when electricity prices are low and relieve pressure on the electricity grid as various industries electrify.
Adrian Moores, CEO at Indra, said the company's "core mission" was to make energy smarter to help enable the road to net zero. "This additional investment shows the depth of confidence in our ground-breaking technology as we continue to push boundaries and unlock the potential of EVs as portable energy sources for a sustainable, greener energy ecosystem," he said.
The company has inked deals to work with Renault Group company Mobilize Power Solution, LV= General Insurance EV company ElextriX, and EV infrastructure company Plug Me In.
In January, it clinched more than £150,000 in government grants through the V2X Innovation Programme to develop its technology and business proposition, working with partners within industry across two projects.
Mike Schooling, Indra's founder and chief technology officer said: "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. Thanks to this latest investment, we are in a strong position to take full advantage of the growing EV market and continue to play a key role in developing bidirectional charging solutions in the UK and globally."