Electric vehicle (EV) charging firm Trojan Energy has announced plans to expand its operations and workforce after receiving £9m in funding support from the Scottish National Investment Bank.
The Aberdeen-based business specialises in flat-and-flush EV chargepoints, which remove the need for obstructive roadside infrastructure associated with conventional chargers.
The company hopes the convenience of the system will improve the accessibility and affordability of EV charging.
The investment, intended as a support for sustainable technology development in Scotland, reflects the bank’s goal to support a just transition to net zero by 2045.
The provided capital is intended to help Trojan Energy scale up operations, namely the installation of more than 2,000 chargepoints by the end of 2023, alongside a considerable increase in the company’s workforce.
This funding package adds to other early 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 investment will allow us to further commercialise our technology and increase our manufacturing capacity.”
There are currently 10 million people in the UK who use on-street parking but who don’t have access to EV charging. Trojan’s solution was designed to provide customers with a lance which connects their vehicle to a flat-and-flush street charger.
The charging points are either individually connected to motorists’ home electricity supply or they are powered using underground ducts by power cabinets, located up to 100m (328ft) away. These cabinets are capable of supplying up to 15 charging points simultaneously.
The bank’s investment will reportedly allow Trojan to expand the commercialisation of their technology and grow its business. Some of Trojan’s plans for its next business stage include decreased cabinet sizes, reduced costs and the provision of a wider range of charging alternatives to its customers.
