BP Ventures has invested $7 million 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.
This investment in IoTecha is aligned with BP’s aim to provide over 70,000 public EV charging points worldwide by 2030.
The global EV infrastructure market is set to exceed 55 million chargers in buildings by 2030.
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 enables EV owners to sell unused electricity back to the grid through a process known as Vehicle-to-Grid (V2G) or bi-directional charging.
IoTecha will use this investment to scale their operations through BP’s electrification network. BP and IoTecha will work to accelerate mainstream adoption of EVs and support the transition to more sustainable mobility.