Start-up raises £4m to roll out new EV charging points
Dow Schofield Watts Aberdeen advised start-up Trojan Energy on its £4.1m seed funding round to support the roll-out of its on-street electric vehicle (EV) charging points.
The product aims to help solve the issue of charging for vehicle owners without access to off-street parking, which is currently a major barrier to increasing uptake of electric vehicles.
The funding includes a £1m investment led by business angel syndicate Equity Gap, profit with purpose investor SIS Ventures, Aberdeen-based investment syndicate Alba Equity and the Scottish Investment Bank, the investment arm of Scottish Enterprise. The equity funding unlocks a further £3.1m from Innovate UK, the UK’s innovation agency.
The investment will allow Trojan Energy to advance testing and certification, with the aim of installing the first 200 units in the London boroughs of Brent and Camden by early 2021. Following the roll-out of its on-street product, the company plans to launch a similar driveway product for homeowners.
To date, councils have been reluctant to install on-street charging points due to the size and space they take up on pavements. However, Trojan Energy’s charging points are flat and flush to the ground. Users simply carry a charging ‘lance’ in their vehicles which they can plug into the connector point.
Trojan Energy has been founded by a Scottish team who have expertise in the oil and gas sector. Ian Mackenzie, the ocmpany’s CEO, said: “This is such an important milestone for Trojan Energy. Ever since we started this business, we have wanted to ensure that the benefits of the low carbon transition can be realised by everyone and not just those with a driveway. With this investment, our vision has moved a step closer. The rewards for our customers and our planet will be massive and prove the point that a big idea and great engineering can change the world.”
Tom Faichnie and Melanie Clark of Dow Schofield Watts Aberdeen advised Trojan Energy on the fundraising. Tom said: “Trojan Energy’s innovative product clearly demonstrates the opportunity to harness the wealth of oil and gas expertise in the region and apply it to the broader energy sector. From our first meeting with management, we were able to see the company’s potential and are pleased to have been able to help the team to fulfil this part of the journey.”