A SCOTS electric vehicle charging firm is set for a boost in their operations after securing backing from an investment bank.
Trojan Energy will expand their operations and workforce after securing £9m of backing from the Scottish National Investment Bank (SNIB).
It is hoped that the convenience of the system will make EV charging affordable and available to everyone.
The investment, supporting sustainable technology developed in Scotland, aligns with the Bank’s mission to help achieve a just transition to net zero by 2045.
This growth capital underpins a scale up which will see more than 2,000 charging points installed by the end of next year and Trojan’s workforce increase significantly.
This funding builds on early-stage investment support received from a number of investors, including Scottish Enterprise.
Ian Mackenzie, CEO of Trojan Energy, said: “We approached the Bank as there is clear alignment of missions and we see them as long-term partners on our journey.
“Our charging system is designed specifically to help accelerate the journey to net zero by making electric charging points more accessible.
“We want the EV transition to be for everyone, not just those with a driveway.
“The Bank has been there for us at the crucial point where we are beginning to get big orders in.
“The investment will allow us to further commercialise our technology and increase our manufacturing capacity.”
There are currently 10 million people in the UK who park on-street, don’t have access to EV charging and could be left behind by the transition to electric vehicles.
Trojan’s EV charging solution provides customers with a lance which connects their vehicle to a flat-and-flush charging point in the street.
The charging points are either individually connected directly to people’s home electricity supplies or can also be powered via underground ducts by power cabinets, located up to 100 metres away.
These cabinets can send power to 15 charging points at the same time.
The Bank’s investment will allow Trojan to further commercialise their technology and expand the business.
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.
Nicola Douglas, Executive Director at the SNIB, said: “We are delighted to support Trojan with their significant scale up plans.
“EV infrastructure is a vital element of the transition to electric vehicles.
“The Bank supports Trojan’s vision to provide charging infrastructure which is accessible to all, regardless of the type of property you live in.
“I have been massively impressed with the drive and determination of the Trojan team and look forward to working with them and seeing the delivery of their growth plans.”
In July 2021 the Bank invested £2m on Forev who own and operate an EV charging network.
Trojan Energy and Forev operate in different parts of the market, which is continuing to show growth in demand for electric vehicles.