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bp invests $7 million in EV charging firm IoTecha

bp ventures has invested $7 million in smart charging specialist IoTecha, leading a $13.2-million investment round. This investment is aligned with bp’s stated aim to provide over 70,000 public EV charging points worldwide by 2030.

IoTecha will use the new investment to scale its operations through bp’s electrification network. Shaun Healey, bp ventures Principal, will join IoTecha’s Board of Directors.

IoTecha’s technology connects EV chargers with the electricity grid using the Internet of Things (IoT), and is designed to optimize the charging process by automating payments and delivering cost savings to customers.

IoTecha’s Intelligent Power Platform, IoT.ON, allows private and fleet vehicles from any manufacturer to communicate seamlessly with charging stations to signal when they need recharging. The platform gathers information over time, identifying patterns and the energy requirements of each user across all forms of EV charging.

The technology also enables EV owners to sell electricity back to the grid using Vehicle-to-Grid (V2G) technology.

“The transportation and electrification industries have developed for the last hundred years without substantial interactions with each other,” said Oleg Logvinov, President and CEO of IoTecha. “The rising tide of transportation electrification is rapidly fusing them together. Smart and interoperable charging will make it possible.”

Source: IoTecha

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