Gulf Oil International Ltd has entered an agreement to co-invest alongside the Clean Growth Fund (CGF) in Indra, a growing electric vehicle (EV) and smart energy technology company developing innovative charging and energy storage solutions for home and commercial use. Indra Renewable Technologies Ltd, founded in 2013, manufactures a range of smart energy products, including its market-leading electric vehicle Smart Charger and a bi-directional ‘Vehicle to Grid’ (V2G) charger designed for both residential and light commercial use.
Gulf, traditionally known as a downstream oil company, is now actively moving into the e- mobility/electric vehicles sector. The changing landscape of the automotive and energy industry and the need to supply cleaner forms of energy is more evident than ever.
A pillar to Gulf’s transformation strategy is the development of new mobility solutions and consumer offers, in line with the growing need for emissions reductions and offering sustainable mobility solutions to consumers. 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.
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”.
Mike Jones, CEO of Gulf Oil International Ltd said: “At Gulf, we believe fast, convenient and smart charging is critical to support consumer adoption of EVs. The combination of Gulf’s global footprint and consumer brand, with Indra’s extensive knowledge and expertise of energy systems and EVs, will enable Indra to grow its business and customer base internationally with a particular focus on India. This is a key market for Gulf where we will leverage our strong brand presence and distribution network to grow a revenue stream outside the UK”
Ravi Chawla, MD & CEO – Gulf Oil Lubricants India Limited remarked: “With the evolving EV Space in India, where charging options will become an important decision criterion, we are excited about this association by our parent company Gulf Oil International. As we continue to evolve our strategy in this space, we will look at opportunities where we can leverage and synergise the Indra technology with our brand, distribution and OEM strengths in India, to cater to the future market and consumer requirements in this space.”