IMPROVED advises Indra in its Series B round led by Gulf Oil International
- Date March 8th, 2023
- Transaction type Growth Financing
- Sector Energy
- Sub Sector Electric Vehicle Charging and Energy Management Solutions
Indra, a leading UK-based smart EV charging and energy management solution provider, has announced today that it has raised GBP 20mn+ in a Series B round led by Gulf Oil International Limited. The funding will allow Indra to further expand its market-leading smart charging solutions and accelerate its international expansion in the UK and internationally.
IMPROVED acted as the exclusive financial advisor in this transaction. Building on a strong Equity Story and company fundamentals, and through a well-structured competitive global process, the IMPROVED and Indra team achieved an oversubscribed Series B round – despite challenging global market conditions.
Founded in 2013, Indra is one of the sector’s fastest-growing smart charging and energy management solution providers, offering some of the most reliable charging solutions in the industry with a failure rate of close to 0%. Last year, Indra announced it would be running a large-scale trial of Vehicle-to-Home bidirectional charging technology. This funding round will allow Indra to further strengthen its position as a leading player in the UK and internationally in the smart home and residential EV charging and energy technology space.
“It was great to work with such a dedicated team at IMPROVED. The guidance, knowledge, and expertise in the technology, energy, and mobility sectors resulted in a successful series B round. The additional investment shows the depth of confidence in our ground-breaking technologies as we continue to unlock the potential of EVs as portable energy sources for a sustainable, greener energy ecosystem.”
“Indra is all about innovating our way to Net Zero; bidirectional charging technology enables 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.”
Founder and CTO, Indra
“Gulf is delighted to grow its equity in Indra, supporting further the smart charging and the bi-directional charging ecosystem, which will play a crucial role to support the grid demand going forward.”
VP Strategy and Transformation, Gulf Oil International
On behalf of the IMPROVED deal team: “It has been a pleasure to support the Indra team and enable the best possible process for the expansion of the Company. More importantly, it was a privilege to work with true innovators, leading the industry in the critical area of energy management. Indra boasts deep grid integration and advanced V2G bidirectional solutions, allowing customers to sell energy back to the grid. It also implements demand response contractual business models, only talked about by most competitors.”