Bristol-based lawyers at international legal practice Osborne Clarke have advised the Clean Growth Fund on a £6m co-investment with Gulf Oil in Indra, a smart charging technology company.
The investment is the second made by the Clean Growth Fund and the first strategic move by Gulf Oil International into the e-mobility sector.
Indra, based in Malvern, Worcestershire, is a fast-growing electric vehicle and smart energy technology company developing innovative charging and energy storage solutions for home and commercial use.
It manufactures a range of smart energy products, including its market-leading electric vehicle smart charger and a bi-directional “Vehicle to Grid” charger designed for residential and light commercial use.
Indra’s smart chargers allow users to charge their vehicles during off-peak times, when grid carbon intensity is at its lowest via Kaluza’s intelligent software platform.
The Clean Growth Fund and Gulf Oil will each become shareholders in Indra, alongside Bristol-based OVO Group, which had provided seed capital and technical support to Indra via Kaluza, its technology business.
An Osborne Clarke team based in Bristol comprising associate director James Taylor, associate Hannah Stevens, partner David Ferris and partner and head of decarbonisation, James Watson, advised the Clean Growth Fund.