New capital raised
Trojan to roll-out kerbside EV charging points
The Scottish firm has raised funds for its innovative product
Wider adoption of electric vehicles has been given a boost after a northeast Scotland startup received funding to support its innovative on-street charging points.
A consortium of investors has provided £4.1 million to help roll-out Trojan Energy’s accessible kerbside answer to the limited number of charging stations.
The new product aims to help those with no off-street parking, which is a major barrier for electric vehicle uptake, particularly in urban areas.
Stonehaven-registered Trojan estimates that 10 million people park on the street in the UK and 100 million in Europe.
To date, councils have been reluctant to install on-street charging points due to their cumbersome size and space requirements on pavements.
However, Trojan’s charging points are flat and flush to the pavement, removing the need to sacrifice pedestrian space. Users simply carry a charging ‘lance’ in their vehicles and plug the lance into the connector point to start charging.
The funding round comprises £1m investment led by business angel syndicate Equity Gap, profit with purpose investor SIS Ventures, Aberdeen-based investment syndicate Alba Equity and the Scottish Investment Bank.
SIS Ventures will also be helping the four-year-old business to lock in its social mission of democratising the transition to low carbon energy. The equity funding unlocks a further £3.1m from Innovate UK, the UK’s innovation agency.
Trojan aims to install the first 200 units in Brent and Camden Councils by early 2021.
The company also plans to follow the roll-out of its on-street product with a similar driveway product for homeowners, eliminating the need for posts or wall boxes to charge at home.
While the UK remains the immediate focus, longer-term the business plans to export to Europe, India and China, aiming to capture a large part of the emerging global on-street charging market.
Ian Mackenzie, CEO, said: “This is such an important milestone for Trojan Energy. Ever since we started this business, we have wanted to ensure that the benefits of the low carbon transition can be realised by everyone and not just those with a driveway.
“With this investment, our vision has moved a step closer. The rewards for our customers and our planet will be massive and prove the point that a big idea and great engineering can change the world.”
Their technology is pivotal to the greater adoption of EVs– Fraser Lusty, Equity Gap
Fraser Lusty, director, Equity Gap said the Trojan team have applied their expertise from the oil & gas sector to developing the idea with industry, energy suppliers and councils.
“Their technology is pivotal to the greater adoption of EVs,” he said.
Kerry Sharp, director, Scottish Investment Bank, said: “It’s been suggested that over half of European car owners will be driving electric vehicles by the end of the decade.
“So developing an innovative, non-invasive and cost-effective solution to the problem posed by on-street charging is essential.”
Tom Faichnie and Melanie Clark of Dow Schofield Watts Aberdeen advised Trojan Energy on the fundraising. Mr Faichnie said: “Trojan Energy’s innovative product clearly demonstrates the opportunity to harness the wealth of oil and gas expertise in the region and apply it to the broader energy sector.”
Switching to EV could potentially reduce European CO2 emissions by more than 120 million tonnes per year.