An Aberdeen electric vehicle charging specialist has secured a £26 million investment to help its “ambitious growth plans”.
Trojan Energy, which launched eight years ago, describes itself as providing “convenient on-street electric vehicle charging”.
The Hareness Road firm, which employs 68 staff, said the funding will support the continued rollout of Trojan Energy chargers across the UK.
It is also committed to creating further high-quality green jobs and supporting the UK’s transition to net zero.
The investment comprises of £8m from growth capital investor BGF as well as an £18m follow-on investment by the Scottish National Investment Bank.
Trojan Energy investment will help serve ‘tens of thousands’
Chief executive officer Ian Mackenzie has welcomed the new investment – which can help to serve “tens of thousands of customers”.
Mr Mackenzie 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.”
The firm launched a £2m growth project with support from public sector funding in November.
It also partnered with Barnet Council last year to install around 1,300 charge points, manufactured at its Aberdeen headquarters.
Scottish National Investment Bank executive director, Nicola Douglas, has praised Trojan Energy for going from “strength to strength”.
She 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 £18m follow-on funding after our original investment in 2022.”
The funding comes following the UK government’s ambition to grow the network of public charge points to over 300,000 by 2030.
It plans to support the “continued acceleration” in electric vehicle sales. The ambition also aims to ease concerns over the availability of public charging points.
‘Clutter-free’ product a key differentiator, says investor
BGF Investor Keith Barclay believes Trojan Energy’s high-quality and “clutter free” product made it an easy decision.
He said: “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.
“The business has developed a high-quality product and the ‘clutter free’ element is a key differentiator.
“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.”
Trojan Energy said its chargers are unique as they sit flat and flush with the pavement leaving streetscapes “clutter free”.
Each of its charging points also offer speeds of up to 22 kilowatt (kW).
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