Scottish National Investment Bank invests £9m in electric vehicle charging company

Nicola Douglas and Ian Mackenzie

Scottish electric vehicle (EV) charging company Trojan Energy has announced plans to expand its operations and workforce after securing £9 million in funding from the Scottish National Investment Bank.

The Aberdeen-based company specializes in flat, flush vehicle charging stations that remove the requirement for any obstructing road infrastructure and free the roadway from clutter. It is hoped that the convenience of the system will make electric vehicle charging affordable and accessible 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 that will see more than 2,000 charging stations installed by the end of next year and Trojan’s significant headcount increase. This funding builds on seed investment support received from a number of investors, including Scottish Enterprise.

Ian Mackenzie, CEO of Trojan Energy, said: “We approached the Bank because there is a 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 stations 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 time when we are starting to receive large orders. The investment will allow us to further commercialize our technology and increase our manufacturing capacity.

There are currently 10 million people in the UK who park on the street, do not have access to electric vehicle charging and could be left behind by the transition to electric vehicles.

Trojan’s electric vehicle charging solution provides customers with a lance that connects their vehicle to a flat, recessed charging point in the street.

Charging stations are either individually connected directly to people’s home power supply, or powered via underground conduits by electrical cabinets, located up to 100 meters away. These cabinets can send energy to 15 charging points at the same time.

The Bank’s investment will allow Trojan to further commercialize its technology and expand its business. By taking the technology to the next level, the company will reduce the size of cabinets, reduce costs and offer a wider range of charging options to customers.

Nicola Douglas, Chief Executive of the Scottish National Investment Bank, said: “We are delighted to support Trojan in their significant scale-up plans. Electric vehicle infrastructure is an essential part of the transition to electric vehicles.

“The Bank supports Trojan’s vision of providing charging infrastructure that is accessible to everyone, regardless of the type of property you live in.

“I was massively impressed with the drive and determination of the Trojan team and look forward to working with them and seeing their growth plans come to fruition.”

In July 2021, the bank invested £2m in Forev, which owns and operates an electric vehicle charging network.

Trojan Energy and Forev operate in different parts of the market, which continues to show growth in demand for electric vehicles.