Gulf Oil Taps Into EV Charging For Future Growth

A part of the Hinduja Group, Gulf Oil International Ltd (Gulf), has entered an agreement to co-invest with the Clean Growth Fund (GCF) in Indra, provider of fast-growing electric vehicle (EV) and innovative charging and energy storage solutions.

For Gulf Oil, a well established downstream oil company, this is its first investment into the e-mobility/EV sector.

Founded in 2013, Indra Renewable Technologies Ltd, produces a range of smart energy products, including its market-leading EV Smart Charger and a bi-directional ‘Vehicle to Grid’ (V2G) chargers for both residential and light commercial use.

CGF and Gulf together will be shareholders in Indra, alongside OVO Group, which had provided roots capital and technical support to Indra via Kaluza, its technology business.

Recounting the strategic steps towards E-mobility, CEO of Gulf Oil International Ltd. Mike Jones stated, “At Gulf, we believe fast, convenient, and smart charging is critical to support consumer adoption of EVs. The combination of Gulf’s global footprint and consumer brand, with Indra’s extensive knowledge and expertise of energy systems and EVs, will enable Indra to grow its business and customer base internationally with a particular focus on India.”

“This is a key market for Gulf where we will leverage our strong brand presence and distribution network to grow a revenue stream outside the UK,” Jones added.

“Indra is all about technology and using it to support the journey to Net-Zero. Thanks to the early investment by OVO Group, and now with the investment from the Clean Growth Fund and Gulf, we are in a very strong position to take full advantage of the growing EV market and the emergence of V2G solutions in the UK and globally,” said Mike Schooling, Indra’s founder and Chief Technology Officer.

Moreover, Gulf will further leverage its partnerships with Switch Mobility, a global electric commercial vehicle company, as well as group firm  Ashok Leyland, a leading global commercial vehicle player.