Indra, a leading British EV charging and smart energy technology business, today announced the successful completion of a Series B funding round, attracting over £20 million worth of new investment.
Led by UAE-based Gulf Oil International Ltd., the investment marks another milestone in Indra’s growth and leadership with the development of ground-breaking bidirectional EV charging technology.
Bidirectional charging is a game-changing technology designed to reduce cost, increase sustainability, and add greater versatility to the electric vehicle (EV) market.
This form of charging allows EV drivers to access low-carbon renewable energy to charge their vehicle battery(ies) and use any remaining energy to power their home or sell back to the grid.
Indra’s involvement in the UK Government’s V2X (bidirectional charging) Innovation Programme further emphasises the importance of the technology in the aim of creating a sustainable energy ecosystem for the future.
Adrian Moores, Indra’s CEO, said: “Indra’s mission is to make energy smarter to help enable the road to net zero. This additional investment shows the confidence the market has in our technology as we strive to unlock EVs potential as portable sources of greener energy.”
With new investment, Indra will be in a strong financial position to expand its customer base, increase revenue streams from UK and international markets as well as accelerate the development of its home EV charging hardware and platform.
Chairperson and Founder of Gulf Oil International Ltd., Mike Schooling commented: “Indra is paving the way for a more sustainable future by innovating our way to net zero. The undoubted success of this Series B funding round is an important step in allowing us to take full advantage of the growing EV market and make a tangible impact on the future of the energy industry.”
In addition to generous venture capital investment, Indra has also formed several exclusive partnerships with leading UK brands, to supply their customers with smart EV chargers and home installation services.
Looking ahead, Indra have plans to launch a large-scale trial of Vehicle-to-Home bidirectional charging technology later this year, as the rapid expansion of EV ownership strengthens its position as a key player in the smart home EV charging and energy technology space.
Indra’s current investor portfolio consists of blue-chip venture capital firms and international oil conglomerates. With their focus on bidirectional charging and sustainable power solutions, Indra is on an exciting trajectory and has the potential to redefine the future of energy.