Pioneering electric vehicle (EV) charging firm Trojan Energy will expand their operations and workforce after securing £9million backing from the Scottish National Investment Bank.
The Aberdeen based business specialises in flat-and-flush vehicle charge points which remove the requirement for any obstructive roadside infrastructure and leave the pavement clear of clutter.
It is hoped the convenience of the system will make EV charging affordable and available to everyone.
The investment, supporting sustainable technology developed in Scotland, aligns with the Bank’s mission help achieve a just transition to net zero by 2045.
This growth capital underpins a scale up which will see more than 2,000 charging points installed by the end of next year and Trojan’s workforce increase significantly.
This funding builds on early-stage investment support received from a number of investors, including Scottish Enterprise.
Ian Mackenzie, CEO of Trojan Energy, said: “We approached the Bank as there is clear alignment of missions and we see them as long-term partners on our journey.
“Our charging system is designed specifically to help accelerate the journey to net zero by making electric charging points more accessible. We want the EV transition to be for everyone, not just those with a driveway.
“The Bank has been there for us at the crucial point where we are beginning to get big orders in. The investment will allow us to further commercialise our technology and increase our manufacturing capacity.”
There are currently 10million people in the UK who park on-street, don’t have access to EV charging and could be left behind by the transition to electric vehicles.
Trojan’s EV charging solution provides customers with a lance which connects their vehicle to a flat-and-flush charging point in the street.
The charging points are either individually connected directly to people’s home electricity supplies or can also be powered via underground ducts by power cabinets, located up to 100m away. These cabinets can send power to 15 charging points at the same time.
The Bank’s investment will allow Trojan to further commercialise their technology and expand the business. By taking the technology to the next stage, the company will decrease the size of the cabinets, reduce costs, and offer a wider range of charging options to customers.
Nicola Douglas Executive Director at the Scottish National Investment Bank said: “We are delighted to support Trojan with their significant scale up plans. EV infrastructure is a vital element of the transition to electric vehicles.
“The Bank support’s Trojan’s vision to provide charging infrastructure which is accessible to all, regardless of the type of property you live in.
“I have been massively impressed with the drive and determination of the Trojan team and look forward to working with them and seeing the delivery of their growth plans.”
In July 2021 the Bank invested £2million on Forev who own and operate an EV charging network.
Trojan Energy and Forev operate in different parts of the market, which is continuing to show growth in demand for electric vehicles.
Notes to Editors
The Scottish National Investment Bank is Scotland’s first development investment bank, wholly owned by the Scottish Ministers on behalf of the people of Scotland.
The Bank is an impact investor, focussed on delivering both commercial returns and mission impacts with its investments. The Bank is a PLC and operationally independent from government.
The Bank invests in business and projects connected to Scotland to deliver long term, patient debt or equity investment where the private market is failing to provide the support businesses and projects require to grow.
The Bank’s missions are:
- Supporting Scotland’s transition to net zero
- Building communities and promoting equality
- Harnessing innovation to enable our people to flourish
The Scottish Government has committed to capitalising the Bank with £2bn in its first 10 years. Over time as the Bank’s initial investments are repaid, the Bank will reinvest those funds in businesses and projects creating a perpetual investment fund to support the Scottish economy in the long term. The Bank was established in November 2020.
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