• Indra has secured additional investment from Series B funding round
• Gulf Oil International led the investment, increasing its multi-million-pound stake in Indra 
• Investment will help strengthen Indra’s continued growth and leadership in the bidirectional charging arena 

08 March 2023, Malvern UK Indra, leading British EV charging and smart energy technology business, announces today that it has received over £20million 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 (EV) charging space. 

This game-changing technology 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. It is also heralded as a vital component in achieving a sustainable energy ecosystem that can maximise use of renewable energy to balance peak demand on the grid.

The latest funding round follows the news of Indra’s involvement in the UK Government’s V2X (bidirectional charging) 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.”

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.”

Camille Nehme, VP 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”.

This investment follows a series of announcements from Indra on exclusive partnerships with several leading UK brands¹ to supply their customers with its high-performance smart EV chargers and a seamless home installation service.  

The funding will also enable Indra to grow its customer base, increase revenue stream in 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.

For more information on Indra, visit www.indra.co.uk. 

-ENDS-

Notes to editors

1. 2022 partnership announcements: Indra is providing a full-service home charging solution for Mobilize Power Solutions, part of the Renault Group, and for ElectriX, the new one-stop shop for EV ownership from LV= General Insurance.  Indra also has a partnership in place to supply the Smart PRO to Plug Me In, a leading nationwide expert in EV infrastructure and installation services.

About Indra
Indra was founded in 2013 on a mission to create the smartest way to power EVs (electric vehicles).  With its design, R&D, engineering and manufacturing operations based in Malvern, this British company has fast become a leading EV and smart energy technology business. Indra is creating a sustainable energy ecosystem through the use of pioneering technology that integrates the car, the home and the grid. 

Indra has designed a range of innovative, high-quality EV chargers that offer the most reliable, intelligent and sustainable EV charging capability. By working with carefully selected professional installer networks, Indra’s high-quality, high-performance products are easy to install and operate; and are already in use in thousands of home and commercial locations worldwide.

The company has also developed the first commercial bi-directional V2G (vehicle to grid) charger which allows power to flow both ways, enabling users to control the flow of energy to where it’s most needed. This revolutionary technology means customers are able to access energy when needed and at its cheapest and most sustainable, and it also assists the grid in balancing energy load and demand.  

For more information visit www.indra.co.uk

About Gulf Oil International Limited 

Gulf, a wholly owned entity of the Hinduja Group, is one of the largest privately-owned downstream companies, with a presence in over 100 countries worldwide. Operating since 1901, Gulf’s history is one of innovation, with a pioneering spirit that still guides the brand today. Gulf’s core business is manufacturing and marketing an extensive range of performance lubricants and associated products across a diverse range of market segments. Gulf also licenses national fuel retail networks around the globe, and is currently present in 26 countries with more than 1,400 stations. Gulf has a strong international presence in Europe, South America, the Middle East and the Asia Pacific region, owning blending facilities and several licensed plants worldwide. It is the majority shareholder in Gulf Oil Lubricants India Ltd, listed on the BSE. Gulf’s business also includes Gulf Oil Marine, which supplies marine lubricants across 1,100 ports worldwide. 

www.gulfoilltd.com