- Invests in Indra Renewable Technologies to explore opportunities in charging space in India.
- Indra Renewable Technologies is an electric vehicle and smart energy technology company that develops charging and energy storage solutions.
Gulf Oil Lubricants India Ltd (GOLIL), has entered into an agreement with Gulf Oil International (GOI) to participate and co-invest in GOI’s recent investment along with the Clean Growth Fund (CGF) in Indra Renewable Technologies, a UK based electric vehicle (EV) and smart energy tech-company that develops innovative charging and energy storage solutions for home and commercial use.
With this investment, Gulf India will get access to established technologies in the EV charging space to adopt the same for Indian conditions, and leverage its brand and wide distribution strengths to extend Gulf branded residential and commercial charging points as per the evolving needs of Indian consumers.
The charging station market is expected to gather speed in the coming years, where-in around 50 to 60 per cent potential is in ‘Residential Charging’ solutions which is where Indra’s expertise will be put to play.
The prime focus for Gulf India would be passenger cars and light commercial vehicle residential charging segment with Indra's smart chargers. The market is also expected to see new technologies such as V2G (Vehicle to Grid) chargers which are already developed by Indra and could support the power requirements of individual homes as a backup, and also offer huge opportunities to form partnerships with potential micro-grid solution providers in the future. Indra's home-grown R&D and technology, and OEM approvals will be critical success factors in this endeavour.
Ravi Chawla, MD, and CEO, Gulf Oil Lubricants India Limited, said, “With the evolving EV Space in India, where charging options will become an important decision criterion, we are excited about this association. As we continue to evolve our strategy in this space, we will look at opportunities where we can leverage and synergise the Indra technology with our brand, distribution, and OEM/Infra-B2B customer relationships in India so as to cater for the future market and consumer requirements in this space.”
