BP invests $7m in EV charging points provider IoTecha

LONDON (ICIS)–BP has made a $7m investment in IoTecha, a US-headquartered provider of charging points for electric vehicles (EVs), the UK energy and petrochemicals major said on Tuesday.

The investment in IoTecha is part of a wider $13.2m financing round.

The US company uses Internet of Things (IoT) technology to connect EVs charging points with the electricity grid as well as homes and buildings, said BP.

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.

BP added the investment is part of its aim to have over 70,000 public EV charging points globally by 2030.

“With the global EV infrastructure market set to exceed 55m chargers in buildings by 2030, charging infrastructure needs to adapt to handle new hardware and increased power demand,” said the company.