bp Ventures has invested $ 7 million in intelligent electric vehicle (EV) charging company IoTecha and led a $ 13.2 million investment round. The user-friendly technology from IoTecha connects chargers for electric vehicles to the power grid via the IoT, optimizes the charging process by automating payments and offers customers cost and energy savings.
These Investment in IoTecha is geared towards BP’s goal of having over 70,000 public Charging points for electric vehicles worldwide by 2030. The global market for EV infrastructure is expected to exceed 55 million chargers In buildings by 2030, the charging infrastructure must adapt to new hardware and the increased demand for electricity.
IoTechas Intelligent power platform, IoT.ON ™, enables private and fleet vehicles from all manufacturers to communicate seamlessly with charging stations to signal when they need to be charged. The platform gathers information over time and identifies patterns and energy needs of each user across all types of EV charging.
The technology also allows electric vehicle owners to sell unused electricity back into the grid through a process called Vehicle-to-Grid (V2G) or bidirectional charging.
Richard Bartlett, SVP Future Mobility & Solutions, said: “IoTecha is at the forefront of the electrification trend and its unique technology combines electric vehicle charging with smart connectivity to deliver cost and energy savings. As the demand for electric vehicles continues to grow, we are excited to find out how IoTecha can connect with bp’s broader electric vehicle infrastructure to support our EV charging point goals. “
Oleg Logvinov, President and CEO of IoTecha added, “The transportation and electrification industries have evolved without significant interactions for the past hundred years. The rising tide of the electrification of traffic is causing them to merge quickly with one another. Smart and interoperable charging makes it possible. IoTecha is proud to join the bp Ventures ecosystem and we look forward to helping accelerate decarbonization through collaboration and co-innovation. “
IoTecha will use this investment to scale its operations Bp electrification network. Together, bp and IoTecha will work to accelerate the mainstream adoption of electric vehicles and support the transition to more sustainable mobility. This collaboration is supported by the appointment of Shaun Healey, bp takes over the main board of directors of IoTecha.
About bp Ventures:
bp ventures was founded more than 10 years ago to identify and invest in private, high-growth, breakthrough technology companies to accelerate innovation across the energy spectrum. Since then, bp has invested nearly $ 700 million in technology companies in more than 31 active holdings with more than 250 co-investors. bp ventures focuses on networking and expanding the new energy business. She makes strategic equity investments in a portfolio of relevant technology companies including advanced mobility, low carbon and digital. For more information, please visit: bp.com/ventures.
IoTecha aims to accelerate the electric vehicle revolution by providing an integrated platform called IoT.ON ™ – consisting of software, hardware and cloud components – for the intelligent charging infrastructure and ultimately enabling the integration of tens of millions of electric vehicles into the power grid . IoTecha customers are well-known global charging point operators and manufacturers of electric vehicles and EV charging stations. The IoTecha products include V2G and HomePlug Protocol Analyzer, Combined Charging System on Module (and customer-specific modules), EV charging stations and IoT.ON ™ cloud-based services. More information is available at http://www.iotecha.com.