United Kingdom/United States – Oil and gas major, bp, has invested $7 million in smart electric vehicle (EV) charging firm, IoTecha.
IoTecha’s simple technology uses the Internet of Things to connect EV chargers to the power grid, optimizing the charging process by automating payments and delivering cost and potential energy savings to clients.
70,000 public EV charging stations by 2030
This investment in IoTecha aligns with bp’s goal of provide over 70,000 public EV charging spots globally by 2030. With the worldwide EV infrastructure market expected to surpass 55 million chargers in buildings by 2030, charging infrastructure must evolve to accommodate new technology and growing power requirements.
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. EV owners can also sell unused electricity back to the grid through a procedure known as Vehicle-to-Grid (V2G) or bi-directional charging.
Transition to sustainable mobility
This investment will be used by IoTecha to scale their operations through bp’s electrification network. bp and IoTecha will collaborate to enhance EV mainstream adoption and support the transition to more sustainable mobility. This collaboration will be bolstered by the addition of Shaun Healey, principal of bp ventures, to IoTecha’s board of directors.