Aberdeen-based Trojan Energy, the on-street electric vehicle charging specialist, has secured £26 million investment to facilitate growth plans.
The funding round comprises of £8 million from growth capital investor BGF alongside an £18 million follow-on investment by the Scottish National Investment Bank (SNIB).
Launched in 2016, Trojan Energy’s patented charging technology provides on-street electric vehicle (EV) charging, supporting the EV transition for nine million households in the UK without access to a driveway.
The UK government wants to grow the UK’s network of public charge points from around 50,000 today to over 300,000 by 2030.
This charging infrastructure will support the continued acceleration in EV sales and alleviate drivers’ concerns about the availability of public charging points.
Trojan Energy chargers sit flat and flush with the pavement, leaving streetscapes clutter free and offering charging speeds of up to 22kW.
The business has also developed the “DEICER” system to alert drivers when a charger and charging bay becomes available.
The chargers are manufactured at Trojan Energy’s headquarters in Aberdeen with headcount now standing at 68.
The new investment from BGF and the Scottish National Investment Bank will support the continued rollout of Trojan Energy chargers across the UK.
The company said it recently partnered with Barnet Council to install around 1,300 on-street charge points, and said there is a strong pipeline of new opportunities across the UK, including in England as part of the Local Electric Vehicle Infrastructure (LEVI) fund.
Trojan Energy CEO Ian Mackenzie said: “We welcome this new investment from BGF and follow on funding from the Bank.
“This funding will allow Trojan Energy to continue its journey and deploy several thousand more charging points across the UK, serving tens of thousands of customers.
“Trojan will be firmly on track to become one of the biggest providers of on-street EV charging in the UK, continuing our work as the world’s largest ‘clutter free’ on-street charging solution.”
Keith Barclay, investor at BGF, said: “It’s great to be supporting Trojan Energy’s growth journey as they continue to roll out chargers and make the electric vehicle transition accessible for the millions of households without a driveway.
“The business has developed a high-quality product and the ‘clutter free’ element is a key differentiator.
“We look forward to working closely with Ian and the wider team to reach their ambitious goals and are excited to add another innovative company to BGF’s growing ‘climate tech’ portfolio.”
Nicola Douglas, Executive Director at the Scottish National Investment Bank, said: “Trojan Energy has gone from strength to strength, and we are deploying more long-term support to help the company on its continued growth journey.
“We are pleased to allocate this £18 million follow-on funding after our original investment in 2022.
“This investment aligns with our net zero mission as Trojan Energy’s green technology will play a part in supporting Scotland and the UK to reach important net zero targets by opening up EV charging to more potential users.”
Advisors on the deal include EY, CMS, Addleshaw Goddard, Shepherd and Wedderburn, WJM, PwC Strategy&, BDO, Jon Addis Consulting, RSC Associates, Apex Consulting and HR Insights. Existing Investors include Scottish Enterprise, Equity Gap, Alba Equity and Social Investment Scotland.