- Daily Zen
BP shows interest in IoT-enabled EV charging with US$7 million investment in IoTecha
BP spent $7million in smart electric vehicle (EV) charging firm, IoTecha, leading to a $13.2 million investment cycle. IoTecha’s easy and simple technology connects EV chargers with the electricity grid by utilizing the Internet of Things (IoT). The technology enhances the charging process by automating payments and performing cost and energy profits to consumers, BP said.
BP Ventures was established more than 10 years ago to recognize and invest in private, high-growth, game-changing technology organizations, accelerating change across the complete energy spectrum. Since then, BP has spent almost $700 million in technology corporations across more than 31 active investments with more than 250 co-investors.
The VC firm said the investment in IoTecha is connected with the company’s intention to produce over 70,000 public EV charging points globally by 2030. It also provides private and fleet vehicles from any manufacturer to interact with charging stations to signal when they need recharging, with the platform collecting information over time, recognizing patterns and the energy requirements of each user across all kinds of EV charging.
“IoTecha is at the verge of the trend related to electrification, and their unique technology fuses EV charging with smart connectivity to produce cost and energy savings,” Richard Bartlett, senior vice president of BP’s future mobility & solutions, was quoted as saying in the statement.
With the worldwide EV infrastructure business set to surpass 55 million chargers in buildings by 2030, BP said charging infrastructure has to accommodate to handle modern hardware and raised power requirement. The technology allows EV buyers to sell unused electricity back to the grid through a process identified as Vehicle-to-Grid (V2G) or bi-directional charging. It, therefore, eliminates the necessity for charge cards and various payment systems, according to BP, with interoperability currently being a chief focus of industry and regulation.
The investment into IoTecha comes as an element of a broader US$13.2 million investment round and supports BP Ventures making investments into firms like Chinese AI-enabled energy management company R&B and UK AI tech firm Grid Edge. Oleg Logvinov, president and CEO of IoTecha, said: “The transport and electrification businesses have grown for the last hundred years without much communication with each other. The growing tide of transportation electrification is quickly fusing them. Smart and interoperable charging will make it workable.”
IoTecha intends to accelerate the electric vehicle revolution by offering a combined platform named IoT.ON™ – consisting of software, hardware, and Cloud elements – for the smart charging infrastructure and ultimately permitting the integration of several electric vehicles with the power grid.
IoTecha customers are leading global charge point workers and manufacturers of both Electric Vehicles and EV charging stations. IoTecha products involve V2G and HomePlug Protocol Analyzer, Combined Charging System on Module (and custom modules), EV charging stations, and IoT.ON™ Cloud-based services.