Gulf Oil enters EV market: Invests in UK’s Indra charging solutions tech company
Gulf will further leverage its partnerships within the Hinduja Group working closely with Switch Mobility, a global electric commercial vehicle company, as well as Ashok Leyland.
Gulf Oil International Ltd has announced its foray into the electric vehicle market, with an investment in Indra Renewable Technologies Ltd, a charging technology company based out of the UK. Gulf, part of the Hinduja Group, has entered an agreement to co-invest in the company alongside the Clean Growth Fund (CGF). Indra is a fast-growing EV and energy technology company developing charging and energy storage solutions for home and commercial use. Founded in 2013, Indra manufactures a range of energy products, including its EV Smart Charger and a bi-directional ‘Vehicle to Grid’ (V2G) charger designed for both residential and light commercial use.
Traditionally known as a downstream oil company, Gulf is now actively moving into the e-mobility/electric vehicles sector, recognising the rapidly changing landscape of the automotive and energy industry and the need to supply cleaner forms of energy.
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.
“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 Schooling, Indra’s founder and Chief Technology Officer 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,” Mike Jones, CEO of Gulf Oil International Ltd said.