Indra Renewable Technologies has raised over £20 million in a series B funding round to advance its smart electrical vehicle (EV) charging and energy management solutions and expedite global expansion plans. The UK-based startup specialises in electric vehicle charging systems for both public and commercial use. The funding round was led by Gulf Oil International, and the funding will go towards furthering Indra’s ‘bidirectional charging’ technology.
Indra Renewable Technologies has secured over £20 million in a series B funding round led by Gulf Oil International. This is the second funding round for the company, following its series A funding where it netted a total of £6 million in growth capital. Gulf Oil International had previously invested around £1.5 million in Indra during its series A funding, marking the oil company’s first foray into the electrical vehicles market.
According to the company’s statement, the funding will be used to further its ‘bidirectional charging’ technology, which enables EV drivers to recharge their EV battery using a low-carbon renewable energy source and then use any excess energy to power their home or resell it to the grid. Improved Corporate Finance provided financial advisory guidance to Indra during its fundraising round.
Gulf Oil International is owned by Indian conglomerate Hinduja Group and is a separate entity from the exclusively US-based Gulf Oil. The company’s interest in EVs is linked to the expected huge growth in the electric vehicle market in India, driven by factors such as lower cost and rapid urbanisation. The investment comes at a time when electric vehicles are in high demand, with around half of prospective car buyers preferring an EV over a vehicle with a fuel combustion engine.
The funding secured by Indra Renewable Technologies will enable the company to advance its smart charging solutions and expedite its global expansion plans. The funding round was led by Gulf Oil International, which has grown its equity in Indra and expressed its support for the smart charging and bi-directional charging ecosystem. Indra’s ‘bidirectional charging’ technology aims to be a climate-friendly way for EV drivers to save money, making EVs a more attractive option for prospective car buyers.
