An Aberdeen company whose technology is deployed in England but which has yet to hit the Scottish streets has closed the biggest funding round to date for its "clutter free" electric vehicle charging system.
Trojan Energy has secured £26 million in backing from investment groups BGF and the Scottish National Investment Bank to create a more robust infrastructure to support the shift to electric vehicles.
An estimated nine million households across the UK do not have access to their own driveway in which to install an electric vehicle charger. This has been identified as a barrier to the uptake of EVs amid concerns about the availability of public charging points.
Set up in 2016 by four former oil and gas executives, Trojan Energy has developed a "flat and flush" charging system that takes up minimal pedestrian pavement space when in use, and none when it is not in use. Drivers carry a charging "lance" in their vehicles which is plugged into the pavement socket to begin charging.
The fresh funding is on top of £18m previously raised through a combination of investments and grants from the likes of angel investment groups, Scottish Enterprise and Innovate UK.
The Scottish National Investment Bank has provided £18m of follow-on funding from its previous investments. The remaining £8m is from BGF, which was established in 2011 as the Business Growth Fund with a remit to support small and medium-sized businesses.
Trojan's chargers are made in Aberdeen where it currently employs 68 people, with 600 points currently in operation in Oxfordshire and the London boroughs of Camden, Brent, and Barnet councils. A spokesman for the company said Trojan's solution is currently under consideration by more than 70 councils throughout the UK, including several in Scotland where it would be "ideal" for "iconic streets in which local on-street charging and a clutter-free solution is the most desirable option".
The pipeline of potential new work in England is being driven by Local Electric Vehicle Infrastructure (LEVI) fund, which is supporting Westminster's ambition to grow the UK’s network of public charge points from around 50,000 today to more than 300,000 by 2030.
“We welcome this new investment from BGF and follow-on funding from the Bank," Trojan chief executive Ian Mackenzie 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.”
Keith Barclay of BGF said the clutter-free element is a "key differentiator" for the product.
READ MORE: Trojan Energy's electric vehicle charging expansion
"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," he said.
Nicola Douglas, executive director at the Scottish National Investment Bank, added: “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 £18m 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.”
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