Indra has secured a £6 million investment led by the Clean Growth Fund alongside Gulf Oil International.
The company – which manufactures smart energy products including smart electric vehicle (EV) chargers and bi-directional chargers – is to use the financing to grow its customer base and build its revenue stream in the UK and international markets.
Mike Schooling, Indra’s founder and chief technology officer, said the company is looking to develop a suite of products for people’s homes over the next few years, with “battery storage, chargers and even entire vehicles containing our technology rolled out to market”.
The company has also previously seen investment from the OVO Group through its technology business Kaluza. This 2017 investment supported Indra in building the world’s first domestic vehicle-to-grid (V2G) charger, it said, as well as in exporting its technology to countries such as Australia and Taiwan. The Clean Growth Fund and Gulf now join OVO in becoming shareholders.
The Clean Growth Fund is cornerstoned by the Department for Business, Energy and Industrial Strategy (BEIS) and CCLA. It made its first investment in December last year into Piclo, with £1.5 million invested in the energy tech firm’s UK and international growth.
The fund – which targets UK clean tech companies with the potential to rapidly scale – is targeting a £100 million fund size by November this year.
Beverly Gower-Jones, managing partner of the Clean Growth Fund, said Indra is now “extremely well-positioned to capitalise on the revolution that we are seeing in the EV and V2G arenas”.
The investment is also to provide a “stepping-stone” into e-mobility for Gulf, according to the company. Alongside this, it will allow Indra to leverage the Gulf brand to grow its business and customer base internationally, with a particular focus on India.