British Gas-owner Centrica PLC (LON:CNA) has made a multi-million-pound investment in an Israeli start-up that develops software for electric vehicle charging solutions, Reuters has reported.
The newswire said the FTSE 100-listed firm noted that Israeli company Driivz has developed a cloud-based EV charging operating system that helps power network operators, car manufacturers and utilities manage charging and account billing.
READ: Centrica expects to maintain its 2018 dividend, allaying cut fears, as British Gas owner posts slight rise in first-half earnings
Centrica - which is moving away from large-scale energy generation, selling its last large power stations last year - said the investment will help it to explore new products for electric vehicle drivers.
Reuters said exact details of the investment were not given but Centrica said its investment is part of a wider £9mln funding round by Driivz.
At the end of last month, Centrica’s pledge to maintain its 2018 dividend failed to allay fears over future payout cuts, with the energy group only reporting a slight rise in headline first-half earnings.
The FTSE 100-listed firm saw its underlying earnings (EBITDA) rise by 3% to £1.324bn for the six months to June 30, however, the company's adjusted operating profit fell by 4% year-on-year to £782mln.