Keystone Law have advised Indra, the fast-growing electric vehicle and smart energy technology company, on its £6 million investment by the UK venture capital fund Clean Growth Fund and the long-established downstream oil company Gulf Oil International.
Indra, which was founded in 2013 and is based in Malvern, Worcestershire, manufactures a range of smart energy products, including its market-leading electric vehicle Smart Charger (the “Smart Pro”), and a bi-directional “Vehicle to Grid” charger designed for residential and light commercial use.
Indra is developing the next generation of smart energy products and is using its extensive knowledge of energy systems and EVs to design integrated home energy management solutions that will revolutionise the control of smart energy devices across the home.
The investment by Clean Growth Fund and Gulf, which marks the first strategic move by Gulf into the e-mobility/electric vehicle sector and the second investment made by the Clean Growth Fund in a UK clean-tech company, will facilitate Indra’s development work, enabling it to grow its customer base and build Indra’s revenue stream in UK and international markets. Indra expects to increase the size of its workforce to more than 100 people (over the next 3–5 years) to take full advantage of the increasing market opportunities.
Clean Growth Fund and Gulf will each become shareholders in Indra alongside OVO Group, which had provided seed capital and technical support to Indra via Kaluza, its technology business.
Ben Kelsey, COO of Indra, said:
“We are delighted to have closed this transaction, which will enable a rapid scaling of Indra’s world-class products and capabilities. The expert guidance and support we received from Catherine and the Keystone team was instrumental in helping to get the deal done. Catherine’s pragmatism and understanding of our interests helped to make the whole process clear and allowed us to focus our efforts on the points that really mattered.”
Catherine Williams added:
“I am delighted to advise Indra on its investment from the Clean Growth Fund and Gulf Oil. This marks a big step forward in Indra’s journey and I look forward to seeing their company and smart energy products thrive in the years to come.”