North-east firm Trojan Energy has secured a late seed investment of £2.2 million to roll out its “flat-and-flush” on-street electric vehicle (EV) charging technology.
The money should also help develop further commercial applications for the company’s innovative system.
Stonehaven-based Trojan was launched in 2016 to help owners who have no access to off-street parking charge their cars.
Customers use a lance that connects their vehicle to “flat-and-flush” charging points in the street, keeping pavements clear of clutter and accessible to pedestrians.
These EV points are connected via underground ducts to cabinets, located discreetly up to 330ft away, which can send power to as many as 15 charging units at once.
Trojan says the UK market alone is worth well in excess of £1 billion. By taking its technology to the next stage it says it will shrink the size of the cabinets, cut costs and offer a wider range of charging options to customers.
It is just over a year since the firm secured £4.1m of seed funding – including £1m from investment partners Equity Gap, Alba Equity, SIS Ventures and the Scottish Investment Bank, plus £3.1m from Innovate UK – to support the rollout of its EV charging points in urban areas.
The latest funding round was led by Equity Gap, and backed by Scottish Enterprise (SE), SIS Ventures and Aberdeen-based investment syndicate Alba Equity.
Trojan now plans to increase its workforce to around 20 – after growing its team from four to 12 in the past year – with new roles including engineering positions, project managers and customer service leads.
Chief executive Ian Mackenzie, a former oil and gas industry subsea engineer who hails from Tain, said: “Trojan Energy was formed with one mission, to ensure everyone benefits from the energy transition.
“Currently, 10 million people in the UK who park on-street don’t have access to electric vehicle charging. That’s 10 million people that, without Trojan Energy, could be left behind by the energy transition.
“We specialise in EV charging without pavement clutter, and this investment allows us to commercialise further the technology and expand our business, creating more charging points on each street and making the technology accessible to more customers. We will create new jobs and move the UK towards net-zero at a fair price for all.”
Fraser Lusty, of Scottish angel investor Equity Gap, said: “This investment in Trojan Energy comes after an extremely successful year for the company, following our initial seed funding investment in 2020.
“The market potential for Trojan Energy is immense, and its technology is applicable worldwide. The technology is unique and, by enabling the team to further develop and refine its cutting-edge EV charging system, we expect to see Trojan Energy expand to other areas of the UK and rapidly gain market share.”
SE growth investments interim director Jan Robertson said it was “fantastic” to see Trojan developing the solution to a problem that might otherwise slow down the UK’s transition to clean energy.
She added: “The fact the company’s founders hail from the oil and gas industry and now are leading the way in the energy transition is a fantastic example of pivoting the nation’s skills in this new era of clean energy.
“Scottish Enterprise is excited to support the progress Trojan Energy is expected to make in the coming months and years.”
Trojan recently launched its technology on the streets of the London borough of Brent and plans to install up to 150 charging points to be available for a trial late this year.
