BP fuels in £5M funding in electric vehicle charging startup IoTecha

With the global EV infrastructure market all set to exceed 55 million chargers in buildings by 2030, charging infrastructure needs to adapt to handle new hardware and increased power demand. With the optimise the EV charging process, US-based IoTecha uses Internet of Things (IoT) technology to connect electric vehicle (EV) charge points with the electricity grid, homes, and buildings.

Now, the company has hit the tech headlines as it bagged $7 million (nearly £5 million) funding, which takes the total Series B investment raised by the company to $13.2 million (nearly £9.5 million).

The investment round was led by London-based bp ventures, which invests in private, high-growth, game-changing technology companies, accelerating innovation across the entire energy spectrum. This investment in IoTecha is aligned with bp’s aim to provide over 70,000 public EV charging points worldwide by 2030.

IoTecha will use this investment to scale its operations through bp’s electrification network. Together, bp and IoTecha will work to accelerate mainstream adoption of EVs and support the transition to more sustainable mobility. The collaboration will be strengthened by the appointment of Shaun Healey, bp ventures Principal to IoTecha’s Board of Directors.

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