International legal practice Osborne Clarke has advised the Clean Growth Fund on a £6 million co-investment with Gulf Oil in Indra, the UK’s leading 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.
The Clean Growth Fund and Gulf Oil will each become shareholders in Indra, alongside OVO Group, which had provided seed capital and technical support to Indra via Kaluza, its technology business.
The Clean Growth Fund uses its deep sector expertise to select and support UK clean-tech companies, like Indra, that have the potential to rapidly scale. It has been cornerstoned by CCLA and the UK Department for Business, Energy & Industrial Strategy (BEIS).
Indra is a fast-growing electric vehicle and smart energy technology company developing innovative charging and energy storage solutions for home and commercial use. The company was founded in 2013 and is based in Malvern (Worcestershire). 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.
Associate Director James Taylor and Associate Hannah Stevens advised the Clean Growth Fund alongside Partner David Ferris and Partner and Head of Decarbonisation James Watson.
Osborne Clarke recognises that innovation in technology and the development of mobility services will revolutionise the way people and goods are moved around to meet net zero ambitions in a rapidly changing world and is able to bring together the finance, technology and mobility expertise to support clients harness the opportunities presented by electric vehicles.