BP Ventures has invested $7m in smart electric vehicle (EV) charging firm, IoTecha, leading a $13.2m investment round. IoTecha’s technology connects EV chargers with the electricity grid using the IoT, optimising the charging process by automating payments.

This investment in IoTecha helps fulfil BP’s target of having over 70,000 public EV charging points worldwide by 2030.

IoTecha’s Intelligent Power Platform 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 Vehicle-to-Grid (V2G) or bi-directional charging.

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