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BP fuels in £5M funding in electric vehicle charging startup IoTecha

Image credits: IoTecha

With the global EV infrastructure market all set to exceed 55 million chargers in buildings by 2030, charging infrastructure needs to adapt to handle new hardware and increased power demand. With the optimise the EV charging process, US-based IoTecha uses Internet of Things (IoT) technology to connect electric vehicle (EV) charge points with the electricity grid, homes, and buildings.

Now, the company has hit the tech headlines as it bagged $7 million (nearly £5 million) funding, which takes the total Series B investment raised by the company to $13.2 million (nearly £9.5 million).

Investment from bp ventures

The investment round was led by London-based bp ventures, which invests in private, high-growth, game-changing technology companies, accelerating innovation across the entire energy spectrum. This investment in IoTecha is aligned with bp’s aim to provide over 70,000 public EV charging points worldwide by 2030.

IoTecha will use this investment to scale its operations through bp’s electrification network. Together, bp and IoTecha will work to accelerate mainstream adoption of EVs and support the transition to more sustainable mobility. The collaboration will be strengthened by the appointment of Shaun Healey, bp ventures Principal to IoTecha’s Board of Directors.

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”.

Optimises EV charging

Established by Michael Macaluso and Oleg Logvinov, IoTecha optimises the charging process by automating payments and delivering cost and energy savings to customers by allowing them to sell excess electricity back to the grid. It simplifies charging for EV drivers by removing the need for charge cards and multiple payment systems and creates savings by enabling unused power to be sold back to the grid.

IoTecha’s Intelligent Power Platform, IoT.ON lets private and fleet vehicles from any manufacturer 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. Also, 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.