Trojan Energy is set to expand its operations and workforce after securing £9m backing from the Scottish National Investment Bank.
The Stonehaven-based business specialises in 'flat-and-flush' electric vehicle charge points which remove the requirement for roadside infrastructure and leave pavements clear.
The growth capital underpins scale-up plans which should see more than 2,000 charging points installed by the end of next year - with Trojan’s workforce increasing significantly to meet those targets.
Less than a week ago, the London Borough of Barnet confirmed the installation of 500 Trojan charging points as part of a £4.65m project.
Trojan Energy’s workforce of more than 30 has tripled in size over the last year, with plans to increase this to around 60 by the end of 2022 through the creation of new roles, including engineering positions, project managers and customer service leads.
Ian Mackenzie, chief executive 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.
“It has been there for us at the crucial point where we are beginning to get big orders in - and 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, who don’t have access to electric vehicle charging.
Trojan’s 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, which can send power to 15 charging points at the same time.
Taking the technology to the next stage, the company plans to decrease the size of the cabinets, reduce costs and offer a wider range of charging options to customers.
Nicola Douglas, executive director at the Scottish National Investment Bank, said: “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.”
Last July, the bank invested £2m on Forev, which owns and operates a charging network.
As for Trojan, this is just the latest round of recent funding.
In August last year, a seed round worth £2.2m was led by Equity Gap, alongside Scottish Enterprise, SIS Ventures and Alba Equity. This came a year after initial funding of £4.1m from many of the same investors.
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