bp ventures has invested $7million in smart electric vehicle (EV) charging firm, IoTecha, leading a $13.2 million investment round. IoTecha’s technology connects EV chargers with the electricity grid using the IoT, optimising the charging process by automating payments and delivering cost and potential energy savings to customers.
The technology also enables EV owners to sell unused electricity back to the grid through Vehicle-to-Grid (V2G) or bi-directional charging.
IoTecha will use this new investment to scale its operations through bp’s electrification network. Together, bp and IoTecha will work to accelerate mainstream adoption of EVs and support the transition to more sustainable mobility.
Richard Bartlett, SVP Future Mobility & Solutions at bp ventures, says: “IoTecha is at the forefront of the trend towards electrification, and their unique technology combines EV charging with smart connectivity to deliver cost and energy savings. As demand for EVs continues to grow, we are excited to explore how IoTecha can connect with bp’s wider EV infrastructure, in support of our EV charging point targets.”
Oleg Logvinov, President and CEO of IoTecha, adds: “The transportation and electrification industries have developed for the last hundred years without substantial interactions with each other. The rising tide of transportation electrification is rapidly fusing them together. Smart and interoperable charging will make it possible. IoTecha is proud to join the ecosystem of bp ventures and we look forward to supporting the acceleration of decarbonization through collaboration and co-innovation”.
bp is aiming to provide over 70,000 public EV charging points worldwide by 2030.