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London Tech Week

UK’s Indra receives £20M funding for its bidirectional charging technology

Image credits: Indra

Indra, a Worcestershire-based EV charging and smart energy technology company, has raised over £20M in an oversubscribed Series B funding round led by Gulf Oil International Limited. 

Indra will use the funds to support the development of its ground-breaking technology in the bidirectional electric vehicle (EV) charging space. 

The capital 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.  

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.”

Indra joins the bandwagon of companies that are innovating in the Electric Charging space, including Fastned, VOOL, Zunder, among others. 

Developing intelligent EV chargers

Founded by Mike Schooling in 2013, Indra aims to create the smartest way to power EVs, through intelligent EV chargers that are easy to understand, install and use.

The company has developed the first commercial bi-directional V2G (vehicle to grid) charger, which allows power to flow both ways, enabling users to control the energy flow to where it’s most needed. 

It is designed to help EV drivers save money and the planet by accessing low-carbon renewable energy to charge their EV battery(ies), and then use any surplus energy stored in their vehicle to power their home or sell back to the grid. 

The UK company has designed a range of innovative, high-quality EV chargers that offer the most reliable, intelligent, and sustainable EV charging capability. 

Last year, Indra announced it will be running a large-scale trial of Vehicle-to-Home bidirectional charging technology later in 2023. 

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,” adds Schooling. 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.”

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