Image Credit: Trojan Energy
In a monumental development in the realm of on-street electric vehicle (EV) charging, Trojan Energy has successfully secured a whopping £26 million in investment to support its ambitious expansion plans for 'clutter-free' curbside charging stations.
Breaking the news today, this substantial financial backing comprises £8 million from the forward-thinking growth capital investor BGF and an impressive £18 million follow-on investment from the Scottish National Investment Bank. These economic giants join an esteemed roster of existing investors, including Scottish Enterprise, Equity Gap, Alba Equity, and Social Investment Scotland, in the latest round of funding.
Launched in 2016, Trojan Energy's pioneering chargers have been ingeniously designed to lay flat and seamlessly blend with the pavement, resulting in "clutter-free" streetscapes while delivering swift charging speeds of up to 22kW. The company has also introduced a cutting-edge 'DEICER' system to alert drivers promptly when a charger becomes available.
This fresh infusion of capital will propel the continued deployment of proudly manufactured chargers at Trojan Energy's headquarters in Aberdeen. This aligns with the UK government's vision to expand the public charge point network from approximately 50,000 to 300,000 by 2030.
Armed with a robust pipeline of promising opportunities across the UK through the Local Electric Vehicle Infrastructure (LEVI) fund, Trojan Energy recently formed a strategic partnership with Barnet Council to install around 1,300 on-street charge points.
"We welcome this new investment from BGF and follow up on funding from the bank," Ian Mackenzie, CEO at Trojan Energy, said. "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."
BGF, founded in 2011, has directed nearly £200 million toward 28 climate and sustainability-focused companies since its inception. Trojan Energy joins distinguished companies such as Gousto and alternative protein innovator THIS within BGF's investment portfolio.
"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," said BGF investor Keith Barclay. "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 the bank's latest investment aligns with its broader net zero mission.
"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," she said. "We are pleased to allocate this £18 million follow-on funding after our original investment in 2022."
This development marks the latest in EV charging technologies and network investments, underscoring the burgeoning demand from an ever-growing community of EV drivers.