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Clean Growth Fund leads Indra’s £6.0m Investment

Investors in this round: Clean Growth Fund, Gulf Oil International (Gulf)

Indra, the fast-growing electric vehicle and smart energy technology company developing innovative charging and energy storage solutions for home and commercial use, has secured a £6million investment led by the UK venture capital fund, Clean Growth Fund (CGF), alongside Gulf Oil International (Gulf). Through their investment in Indra, Gulf is making its first strategic move into the e-mobility/electric vehicles sector.

The investment in Indra is being made by CGF and Gulf at a time when sales for electric vehicles (EVs) in UK and overseas markets are rapidly increasing.

Indra’s smart chargers can be used by all EV types (cars, vans and buses), and are designed to be quickly, easily and safely installed; Indra’s chargers use a standard residential electrical connection. Indra’s smart chargers allow users to charge their vehicles during off-peak times, when grid carbon intensity is at its lowest.

CGF and Gulf will each become shareholders in Indra, alongside OVO Group, which had provided seed capital and technical support to Indra via Kaluza, its technology business.

OVO Group invested in Indra in 2017, taking it from a fledgling technology start-up to an “entech” challenger, building the world’s first domestic Vehicle-to-Grid (V2G) charger and exporting its technology as far as Australia and Taiwan. Through Kaluza’s market-leading smart charging capability, Indra’s V2G chargers are the first to provide grid flexibility in the UK, supporting grid balancing as more renewable energy and higher demand affects the system.

For Gulf, the investment in Indra is a significant strategic move into the EV market.  A long-established downstream oil business, one of the UK’s main fuel brands and best-known for its forecourt and lubricants businesses and its involvement in motor racing, Gulf sees its investment in Indra as a stepping-stone into the e-mobility sector, for both electric cars and electric buses. By joining up with Gulf, Indra will be able to leverage the Gulf brand to grow its business and customer base internationally with a particular focus on India, a key market for the Gulf Group where they intend to exclusively apply the Gulf brand to Indra’s smart chargers.

Indra is developing the next generation of smart energy products and using their extensive knowledge of energy systems and EVs to design integrated home energy management solutions that will revolutionise the control of smart energy devices across the home.

Indra is a global pioneer in V2G technologies, having designed and built the V2G hardware used in the world’s largest residential V2G programme.  Its key customers to date include Nissan and OVO Energy, who together in January 2019 announced the world’s first install of a domestic V2G charger in a customer’s home.  Other customers include the forward-thinking energy network operators – Jersey Electricity and Taiwan Power Company.

The investment by CGF and Gulf will facilitate Indra’s development work, enabling it to grow its customer base and build Indra’s revenue stream in UK and international markets.  Indra expects to increase the size of its workforce to more than 100 people (over the next 3-5 years) to take full advantage of the increasing market opportunities.

Mike Schooling, Indra’s founder and Chief Technology Officer, said:

“Indra is all about technology and using it to support the journey to Net Zero. Thanks to the early investment by OVO Group, and now with the investment from the Clean Growth Fund and Gulf, we are in a very strong position to take full advantage of the growing EV market and the emergence of V2G solutions in the UK and globally.”

“Our smart charger technology enables others to use their energy more efficiently and at lower cost. The fact that the technology provides solutions to tackling the complex challenges of climate change is a fantastic benefit.”

“Over the next few years, we will develop a suite of products for people’s homes. While on people’s driveways, we will see battery storage, chargers and even entire vehicles containing our technology rolled out to market.”

Beverley Gower-Jones, Managing Partner of the Clean Growth Fund, said:

“Indra’s world-class expertise in smart charge technology is recognised across the globe. The company is extremely well-positioned to capitalise on the revolution that we are seeing in the EV and V2G arenas, and the convergence of the transport and energy supply industries.”

“Hats off to OVO for their early-stage investment and work with Indra to realise the potential of distributed power in the residual setting. We are delighted to be co-investing alongside Gulf; their investment underlines the transition that is gathering pace in the oil industry as it embraces the energy transition.”

Camille Nehme, Director of Gulf Oil International UK, said:

“The automotive and energy landscape is changing fast and we, like all oil and energy companies, have to adapt our business model to meet the changes in the industry. At Gulf, we are embarking on a new global sustainability strategy and investments, like this with Indra, are key steps in our transformation journey. As a strong ‘end consumer brand’, Gulf will have a role to play in becoming a service provider in the mobility space.”

Steven Ackroyd, Business Development Director at Ovo Group and Kaluza, said:

“This investment is a huge vote of confidence in the technology as well as the talent and dedication of the Indra team. We’re delighted that co-investors – the Clean Growth Fund and Gulf Oil share our recognition in Indra’s potential to bring market-leading EV and vehicle-to-grid technology to more customers globally.”

 

About Clean Growth Fund

Clean Growth Fund (CGF), a cleantech-focused venture capital fund, is delivering commercial returns and a quantifiable reduction in greenhouse gas emissions to its investors by using its deep sector expertise to select and support UK companies that have the potential to rapidly scale. CGF, which has been cornerstoned by CCLA and BEIS, is targeting a £100 million fund size by November 2021.

About Indra

Indra, founded in 2013 and based in Malvern (Worcestershire), manufactures a range of smart energy products, including its market-leading electric vehicle Smart Charger (the “Smart Pro”), and a bi-directional “Vehicle to Grid” charger designed for residential and light commercial use.

About Gulf Oil International

Gulf, part of the Hinduja Group, is best known as a downstream oil company, with a prominent fuel brand and substantial forecourt and lubricants businesses. The investment in Indra marks Gulf’s first strategic move into the e-mobility space.

£6m

Clean Growth Fund leads Indra’s £6.0m Investment

Clean Growth Fund leads Indra’s £6.0m Investment

By Connor Duffy22 Jan 2021