Gulf Oil International has moved into the e-mobility sector, investing alongside UK venture capital fund, the Clean Growth Fund, in smart EV company Indra. The two will inject £6million of investment into Worcestershire-based Indra, which manufactures a range of smart energy products, including the ‘Smart Pro’ EV smart charger and a bi-directional ‘vehicle to grid’ charger designed for residential and light commercial use.
Indra’s smart chargers can be used by all EV types (cars, vans and buses), and 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 provided seed capital and technical support to Indra via Kaluza, its technology business.
Gulf is a key UK fuel brand 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.
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.”
Indra is now combining energy systems and EVs to design integrated home energy management solutions. It expects to increase the size of its workforce by more than 100 people over the next 3-5 years .