Gulf Oil Invests In EV And Smart Energy Technology Company

Gulf Oil International Ltd has entered an agreement to co-invest alongside the Clean Growth Fund (CGF) in Indra, the fast-growing electric vehicle 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.

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 Jones, CEO of Gulf Oil International Ltd said, “At Gulf we believe fast, convenient and smart charging are 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”.

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, a leading global commercial vehicle player.