Indra announces today that it has received over £20million of fresh investment following its oversubscribed Series B funding round. The fresh investment underlines the market’s confidence in Indra’s pioneering bidirectional EV charging technology and its role in helping to create a sustainable energy ecosystem for the UK and beyond.
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.
This game-changing 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 heralded as a vital component in achieving a sustainable energy ecosystem that can maximise use of renewable energy to balance peak demand on the grid.
The latest funding round follows the news of 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.
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”.
This investment 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 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.
Last year, Indra announced it will be running a large-scale trial of Vehicle-to-Home bidirectional charging technology later this year. Coupled 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.
Notes to editors