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BP makes $7mn investment in EV charging company
BP Ventures has invested $7mn in smart electric vehicle (EV) charging firm IoTecha.
IoTecha’s technology connects EV chargers with the electricity grid using the Internet of Things (IoT), optimising the charging process by automating payments and delivering cost and potential energy savings to customers.
The deal will help BP meet its target of providing over 70,000 public EV charging points worldwide by 2030.
With the global EV infrastructure market set to exceed 55mn chargers in buildings by 2030, charging infrastructure needs to adapt to handle new hardware and increased power demand. 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 also enables EV owners to sell unused electricity back to the grid through a process known as vehicle-to-grid (V2G) or bi-directional charging.