Today on-street electric vehicle charging company Trojan Energy announced it has secured a £26 million investment to facilitate its ambitious growth plans. This brings the company's funding to over £41 million.
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 (the Bank).
Launched in 2016, Trojan Energy’s patented charging technology supports the EV transition for nine million households in the UK without access to a driveway. The UK government has the ambition to grow the UK’s network of public charge points from around 50,000 today to over 300,000 by 2030.
Trojan Energy chargers are unique as they 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 to ensure a seamless user experience.
The new investment from BGF and the Bank will support the continued rollout of Trojan Energy chargers across the UK.
The company recently partnered with Barnet council to install around 1,300 on-street charge points, and there is a strong pipeline of new opportunities across the UK, including in England, as part of the Local Electric Vehicle Infrastructure (LEVI) fund.
Ian Mackenzie, CEO at Trojan Energy, 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 transition of electric vehicles 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 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.”
Lead image: Trojan Energy. Photo: uncredited.
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