UK’s Trojan Energy Secures Over $32 Million in Latest Funding Round

As part of its growth plans to roll out thousands of electric vehicles charging points, Trojan Energy, the Aberdeen-based electric vehicle (EV) charging firm in the UK, has secured $32.91 million in investment in its latest funding round.

The latest funding round included $10.13 million from the multi-billion investment firm Business Growth Fund (BGF) alongside an $22.78 million follow-on investment by the Scottish National Investment Bank.

Launched in 2016 by four ex-offshore engineering executives, Trojan’s charging technology provides on-street EV charging technology that is “flat and flush” with the pavement. The chargers are manufactured at the company’s Granite City headquarters, located within the Energy Transition Zone at the Altens Industrial Estate.

Launched in 2016, Trojan Energy’s patented charging technology is said to provide convenient on-street charging, supporting EV drivers who do not have access to a driveway. To date, Trojan has deployed 600 charge points across local council areas in Camden, Brent, Barnet and Oxfordshire across the UK.

Trojan Energy chief executive officer Ian Mackenzie said that the funding will allow the company to deploy several thousand more charging points across the UK.

“Trojan will be firmly on track to become one of the biggest providers of on-street EV charging in the UK, continuing our work as the world’s largest ‘clutter free’ on-street charging solution,” Mackenzie said.

Helps UK In Its NZE Targets

Scottish National Investment Bank executive director Nicola Douglas said that Trojan Energy had gone “from strength to strength” following the bank’s initial investment in 2022.

“This investment aligns with our net zero mission as Trojan Energy’s green technology will play a part in supporting Scotland and the UK to reach important net zero targets by opening up EV charging to more potential users,” Nicola said.

Trojan Energy said the new investment from BGF and the Bank will support the continued rollout of Trojan Energy chargers across the UK. The company recently partnered with Barnet council to install around 1,300 on-street charge points.

With the UK aiming to rollout 300,000 public EV charge points by 2030 from around 50,000 at present, Trojan Energy said that there is a strong pipeline of new opportunities, including in England as part of the Local Electric Vehicle Infrastructure (LEVI) fund.

This charging infrastructure is seen as being key to encouraging the take-up of pure electric cars, whose sales among private buyers have been stalling.

Keith Barclay, investor at BGF, said that it was great to support Trojan Energy’s growth journey as they continue to roll out chargers and make the electric vehicle transition accessible for the millions of households without a driveway.

“The business has developed a high-quality product and the ‘clutter free’ element is a key differentiator. We look forward to working closely with Ian and the wider team to reach their ambitious goals and are excited to add another innovative company to BGF’s growing ‘climate tech’ portfolio,” he added.