Energy giant bp’s venture arm bp Ventures announced today a $7 million investment in startup electric vehicle (EV) charging firm IoTecha. The companies stated that they will work to together to accelerate mainstream adoption of EVs and support the transition to more sustainable mobility.
IoTecha’s technology connects EV chargers with the electricity grid using the IoT, with the company’s platform, IoT.ON, enabling private and fleet vehicles from any manufacturer to communicate seamlessly with charging stations to signal when they need recharging, while gathering information about the patterns and the energy requirements of each user across all forms of EV charging.
IoTecha will use the investment to scale its operations through bp’s electrification network.
Richard Bartlett, SVP Future Mobility & Solutions, said:
“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, added:
“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”.