(Alliance News) - BP PLC on Tuesday said it has invested USD7 million in electric vehicle charging firm IoTecha.
The investment, through BP's venture capital arm, was part of a USD13.2 million funding round for New Jersey-based IoTecha, which makes chargers connected to the electricity grid using the internet of things. It also sells its technology to other charger manufacturers.
IoTecha's products simplify charging by automating payments and enabling vehicle owners to sell unused power back to the grid, BP said.
BP plans to integrate IoTecha's products into its electric vehicle network, it said.
"As demand for EVs continues to grow, we are excited to explore how IoTecha can connect with BP’s wider EV infrastructure, in support of our EV charging point targets," said Richard Bartlett, BP senior vice president of future mobility and solutions.
BP shares were up 1.7% to 322.07 pence in London on Tuesday morning.
By Ivan Edwards; ivanedwards@alliancenews.com
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