British EV charging and smart energy firm Indra has secured more than £20m to help roll out its bidirectional charging technology.

Indra is also running a major trial of V2H bidirectional charging later this year

The oversubscribed Series B funding round was led by Gulf Oil International, which significantly increased its multi-million-pound equity stake in Indra.

The additional investment will help Indra expand the development of its bidirectional electric vehicle charging technology, which enables drivers to use energy stored in their EVs to power their home (Vehicle-to-Home or V2H) or sell back to the grid (Vehicle-to-Grid or V2G).

Such technology – known as Vehicle-to-Everything (V2X) technology – will help balance peak grid demand and is seen as essential for a sustainable energy ecosystem in the switch to EVs.

The latest funding round follows the news of Indra’s involvement in the Government’s V2X Innovation Programme, as industry and government work together to bring this vital technology to consumers in the UK.

Indra is also running a large-scale trial of V2H bidirectional charging later this year, involving more than 500 participants to show the benefits of the technology to EV drivers.

Adrian Moores, Indra’s CEO, said: “Indra’s core mission is to make energy smarter to help enable the road to net zero. This additional investment shows the depth of confidence in our ground-breaking technology as we continue to push boundaries and unlock the potential of EVs as portable energy sources for a sustainable, greener energy ecosystem.”

Mike Schooling, Indra’s founder and chief technology officer, added: “Indra is all about innovating our way to net zero; bidirectional charging technology is enabling us to unlock the potential of EVs as portable energy sources, connecting the vehicle with the home and the grid.

“Thanks to this latest investment, we are in a strong position to take full advantage of the growing EV market and continue to play a key role in developing bidirectional charging solutions in the UK and globally.”

Camille Nehme, VP strategy and transformation of Gulf Oil International Limited, also commented: “Gulf is continuing its transformation journey and is looking forward to working closely with Indra, who continue to lead and develop the V2H/V2G technology that will play a key role in EV adoption.”

The investment comes after Indra signed exclusive partnerships with several leading UK brands to supply their customers with its smart EV chargers and a home installation service.