Indra Secures £20m for Bidirectional Charging
Indra has raised over £20m in fresh investment from its Series B funding round. The oversubscribed funding is a testament to the market's confidence in Indra's bidirectional EV charging technology and its potential to create a sustainable energy ecosystem beyond the UK.
Indra has received over £20 million in fresh investment from Gulf Oil International Limited in its oversubscribed Series B funding round to expand its bidirectional EV charging technology.
The technology enables EV drivers to access renewable energy to charge their vehicles, use surplus energy stored in vehicles to power homes or sell it back to the grid, and balance peak demand on the grid. The investment reinforces the market's confidence in Indra's innovative technology and contribution to creating a sustainable energy ecosystem.
Indra's participation in the UK Government's V2X Innovation Programme to bring bidirectional charging technology to UK consumers was recently announced, and the latest funding round is a testament to the market's confidence in Indra's pioneering technology.
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."
Indra's new investment will allow the company to expand its customer base, increase revenue streams, and accelerate the development of EV charging hardware and technology platforms.
Indra also announced exclusive partnerships with leading UK brands to supply customers with smart EV chargers and home installation services.
With a large-scale trial of Vehicle-to-Home bidirectional charging technology set to happen later this year, Indra aims to be a leading player in the smart home EV charging and energy technology space.