BP invests $7m in electric vehicle charging firm

IoTecha’s technology connects electric vehicle chargers with the electricity grid using the internet of things technology, which can optimise the charging process by automating payments and delivering cost and potential energy savings to customers.

IoTecha’s Intelligent Power Platform, IoT.ON, allows private and fleet vehicles from any manufacturer to communicate with charging stations to signal when they need recharging. The platform gathers information over time, identifying patterns and the energy requirements of each user.

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.

IoTecha will use the investment to scale its operations through BP’s electrification network. The companies will work to accelerate the adoption of electric vehicles.

Oleg Logvinov, president and chief executive of IoTecha, said: “IoTecha is proud to join the ecosystem of BP Ventures and we look forward to supporting the acceleration of decarbonisation through collaboration and co-innovation.”