EV charging and smart energy firm Indra has announced it has received more than £20m of investment following its Series B funding round.
Gulf Oil International Limited led the competitive Series B investment round, significantly increasing its equity stake in Indra. The additional investment will help Indra expand the development of its ground-breaking technology in the bidirectional electric vehicle (EV) charging space.
The technology is designed to assist EV drivers save money and offer a sustainable option by accessing low-carbon renewable energy to charge EV batteries – and use surplus energy stored in vehicles to power homes or sell back to the grid.
The funding will also enable Indra to grow its customer base, increase revenue stream in UK and international markets and accelerate the development of its home EV charging hardware and technology platform, it said.
The latest funding round follows the news of Indra’s involvement in the UK Government’s V2X (bidirectional charging) Innovation Programme and plans announced in 2022 to run a large-scale trial of Vehicle-to-Home bidirectional charging technology later this year.
Adrian Moores, Indra’s CEO 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 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.”
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.
“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.”
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”.
Image courtesy of Indra
