The round was led by Scottish angel investors Equity Gap, and includes investment from Scottish Enterprise, SIS Ventures, and Aberdeen-based angel investors Alba Equity.
The clean energy company says that, with the UK target market alone worth well over £1 billion, it will use the funding for the likes of improving its technology and applications by volume level manufacturing, rolling out charge points in more areas.
The firm’s vision is to make EV charging available to everyone, as it aims to be the “de facto on-street charging solution” for such vehicles in the UK by the end of 2023. Last year it agreed a £4.1m round of seed funding.
It also says the “flat-and-flush” design of its on-street charging points means the pavement is clear of clutter and fully accessible to passers-by. The charging points are connected via underground ducts to cabinets, located discreetly up to 100 metres away, which can send power to 15 charging units at any one time. The company is set to decrease the size of the cabinets, reduce costs, and offer a wider range of charging options to customers.
Trojan Energy was launched in 2016, and has grown its workforce from its founding team of four just last year to 12. It plans to increase this to around 20 by creating roles encompassing engineering, project-management, and customer service.
The firm recently launched its technology on the streets of London’s Brent and plans to install up to 150 charging points to be trialled by customers in the area and in nearby Camden by later this year.
Trojan Energy boss Ian Mackenzie said the firm was formed to ensure everyone benefits from the energy transition. He added that 10 million people in the UK who park on the street don't have access to electric vehicle charging currently. “This investment allows us to commercialise further the technology and expand our business, creating more charging points on each street and making the technology accessible to more customers.”
Jan Robertson, interim director of growth investments at Scottish Enterprise, said: "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. The company's flat-and-flush design for on-street charging makes EVs a real option for many households without driveways.
"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 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."