Indra, an electric vehicle charging and energy technology company, has announced that it has secured over £20 million (~$21 million) in Series B Funding. The lead investor was Gulf Oil International, which significantly increased its equity stake in Indra.
The new funding will help Indra accelerate the development and deployment of its bidirectional charging technology, which enables EV owners to use renewable energy to charge their batteries and then sell any excess energy back to the grid or power their homes.
“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,” said Adrian Moores, CEO of Indra.
Indra’s bidirectional charging technology (also known as) vehicle-to-everything (V2X) technology allows EVs to interact with various energy sources and consumers. The company was awarded funding from the UK Government’s V2X Innovation Programme earlier this year.
Mike Schooling, Indra’s founder and Chief Technology Officer, said: “Indra is all about innovating our way to Net Zero; bidirectional charging technology enables us to unlock the potential of EVs as portable energy sources, connecting the vehicle with the home and the grid.
The new funding will also enable Indra to expand its customer base, increase its revenue stream and grow its presence in domestic and international markets. Indra has recently announced partnerships with several UK brands to supply their customers with its high-performance smart EV chargers and a seamless home installation service.
According to Mercom’s Annual And Q4 2022 Funding and M&A Report for Storage, Grid & Efficiency. Smart grid companies raised $3.3 billion in VC funding in 46 deals in 2022, a 175% increase compared to $1.2 billion in 35 deals in 2021.
itselectric, a curbside electric vehicle charging provider in Brooklyn, recently secured $2.2 million in Seed funding. The funding will be used to install the company’s curbside EV chargers pilot chargers across major cities in the U.S. in 2023.