Indra, a leading British electric vehicle (EV) charging and smart energy technology business, announces today that it has received over £20 million 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 charging space.
This game-changing vehicle-to-everything (V2X) technology is designed to help drivers save money and the planet by accessing low-carbon renewable energy to charge their EV batteries. Then use any surplus energy stored in their vehicle to power their home or sell back to the grid.
This is also heralded as a vital component in achieving a sustainable energy ecosystem that can maximise the use of renewable energy to balance peak demand on the grid.
IMPROVED acted as the exclusive financial advisor in this transaction. Building on a strong equity story and company fundamentals, and through a well-structured competitive global process, the IMPROVED and Indra team achieved an oversubscribed Series B round despite challenging global market conditions.
Dominique Houde, Partner at IMPROVED, said: “It has been a pleasure to support the Indra team and enable the best possible process for the expansion of the Company. More importantly, it was a privilege to work with true innovators, leading the industry in the critical area of energy management.
“Indra boasts deep grid integration and advanced vehicle-to grid (V2G ) bidirectional solutions, allowing customers to sell energy back to the grid. It also implements demand response contractual business models, only talked about by most competitors.”
The latest funding round follows the news of Indra’s involvement in the UK Government’s V2X 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.”
This investment follows a series of announcements from Indra on exclusive partnerships with several leading UK brandsto supply their customers with its high-performance smart EV chargers and a seamless home installation service.
Mike Schooling, Indra’s founder and CTO, 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 of 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”.
The funding will also enable Indra to 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.
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.