On-street charging moves nearer after funding round
On-street charging is clutter-free
Trojan Energy has secured £2.2 million to roll out its on-street electric vehicle charging hubs.
With the UK target market alone worth well over £1 billion, the Aberdeenshire-based company will use the funding to improve its technology, ramp up production and grow the team from 12 to 20.
Trojan Energy’s vision is to make EV charging available to everyone and aims to be the de facto on-street charging solution for EVs in the UK by the end of 2023.
Customers use a lance which connects their vehicle to a flat-and-flush charging point in the street, charging at the roadside.
The flat-and-flush design means the pavement is clear of clutter and fully accessible to other pavement users.
The charging points are connected via underground ducts to cabinets, located discreetly up to 100m away, which can send power to 15 charging units at any one time.
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.
Trojan Energy plans to trial the charging points in the London boroughs of Brent and in nearby Camden later this year.
The funding round was led by Scottish angel investment group Equity Gap, and includes investment from Scottish Enterprise, SIS Ventures and Aberdeen-based angel investors Alba Equity.
Ian Mackenzie, CEO of the five-year-old company, 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.”
Jan Robertson, interim director of growth investments at Scottish Enterprise, said: “The fact that 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.”
Fraser Lusty of Scottish angel investors, Equity Gap, added: “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.”