A SCOTTISH energy company has received significant backing as it moves to roll out its kerbside charging points for electric vehicles.
Trojan Energy has secured a late seed round investment of £2.2 million to push forward its “flat-and-flush” on-street EV charging hubs – which it says is critical to allow options for people without driveways – and develop further commercial applications for its technology.
The funding round was led by Scottish angel investors Equity Gap, and includes investment from Scottish Enterprise, SIS Ventures and Aberdeen-based investors Alba Equity.
Trojan Energy, which was founded by former oil and gas executives, said it will use the cash to improve its technology and roll out charge points in more areas as it grows its team in the bid to tap into the £1 billion UK target market.
The Stonehaven company said its vision is to make EV charging available to everyone at a fair price, and with an “efficient and convenient” charging infrastructure.
It also said that it aims to be the “de facto on-street charging solution for EVs in the UK by the end of 2023”.
With its hub, customers use a pump-style lance which connects the vehicle to a charging point in the street, charging at the roadside.
The maker said that 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 up to 100 metres away, which can send power to 15 charging units at any one time.
By taking the technology to the next stage, the company said it will decrease the size of the cabinets, reduce costs and offer a wider range of charging options to customers.
The Aberdeenshire-based company has grown its workforce from its founding team of four just last year to a team of 12.
It plans to increase the team to around 20 by creating new roles including engineering positions, project managers and customer service leads.
Jan Robertson, interim director of growth investments at Scottish Enterprise, said the development is an exciting one.
“It is fantastic to see this innovative company developing the solution to a problem that might otherwise slow down the UK’s transition to clean energy,” she said. “The company’s flat-and-flush design for on-street charging makes EVs a real option for many households without driveways.”
Ms Robertson added: “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.
“Scottish Enterprise is excited to support the progress that Trojan Energy is expected to make in the coming months and years.”
Fraser Lusty, of Equity Gap, said: “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.”
Trojan Energy recently launched its technology on the streets of the London Borough of Brent and plans to install up to 150 charging points to be trialled by customers in Brent and in nearby Camden by late 2021.
Ian Mackenzie, Trojan Energy chief executive, said the firm was formed with the mission of ensuring “everyone benefits from the energy transition”.
He said: “We will create new jobs and move the UK towards net zero at a fair price for all.”