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16 January 2024

Trojan Energy secures £26 million investment from BGF and Scottish National Investment Bank

Trojan Energy secures £26 million investment from BGF and Scottish National Investment  Bank
Trojan Energy

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Trojan Energy Ltd.

 

Trojan Energy secures £26 million investment

Trojan Energy, the on-street electric vehicle charging specialist, has secured a significant £26 million investment to facilitate its ambitious growth plans.

The funding round comprises £8 million from growth capital investor, BGF alongside an £18 million follow-on investment by the Scottish National Investment Bank (the Bank).

Launched in 2016, Trojan Energy’s patented charging technology provides convenient on-street electric vehicle (EV) charging, supporting the EV transition for nine million households in the UK without access to a driveway. The UK government has the ambition to grow the UK’s network of public charge points from around 50,000 today to over 300,000 by 2030. This charging infrastructure will support the continued acceleration in EV sales and alleviate drivers’ concerns about the availability of public charging points. Trojan’s chargers will contribute towards this in a unique way by making charging accessible for many more drivers.

Trojan Energy chargers are unique as they sit flat and flush with the pavement leaving streetscapes ‘clutter free’ and offering charging speeds of up to 22kW. The business has also developed the ‘DEICER’ system to alert drivers when a charger and charging bay becomes available to ensure a seamless user experience. The chargers are manufactured at Trojan Energy’s headquarters in Aberdeen with a headcount now standing at 68. The business is committed to creating further high-quality green jobs and supporting the UK’s transition to net zero. 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, and there is a strong pipeline of new opportunities across the UK, including in England as part of the Local Electric Vehicle Infrastructure (LEVI) fund.

Ian Mackenzie, CEO at Trojan Energy, said: “We welcome this new investment from BGF and follow on funding from the Bank. This funding will allow Trojan Energy to continue its journey and deploy several thousand more charging points across the UK, serving tens of thousands of customers. 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.”

Keith Barclay, Investor at BGF, said: “It’s great to be supporting 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.”

Nicola Douglas, Executive Director at the Bank, said: “Trojan Energy has gone from strength to strength, and we are deploying more long-term support to help the company on its continued growth journey. We are pleased to allocate this £18 million follow-on funding after our original 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.”

Advisors on the deal include EY, CMS, Addleshaw Goddard, Shepherd and Wedderburn, WJM, PwC Strategy&, BDO, Jon Addis Consulting, RSC Associates, Apex Consulting and HR Insights. Existing Investors include Scottish Enterprise, Equity Gap, Alba Equity and Social Investment Scotland.

About BGF:

  • BGF was set up in 2011 and has invested over £3.8bn in more than 550 companies, making it the most active growth capital investor in the UK and Ireland.
  • BGF is one of the most active UK investors in the field of climate tech having backed 28 climate and sustainability-focused companies, providing almost £200 million to support businesses tackling issues such as decarbonisation, resource efficiency, and environmental improvement.
  • BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs.
  • BGF invests in growing businesses in the UK and Ireland through its network of 15 offices. In 2018, Canada launched its equivalent – the Canadian Business Growth Fund – and in 2020, Australia did the same, both based on BGF’s approach and funding model.

Website: http://www.bgf.co.uk/

Social media: @BGFinvestments

About Scottish National Investment Bank:

The Scottish National Investment Bank is Scotland’s first development investment bank, wholly owned by the Scottish Ministers on behalf of the people of Scotland. The Bank is an impact investor, focussed on delivering both commercial returns and mission impacts with its investments. The Bank is a PLC and operationally independent from the government. The Bank invests in businesses and projects connected to Scotland to deliver long-term, patient debt or equity investment where the private market is failing to provide the support businesses and projects require to grow.

The Bank’s missions are:

  • Supporting Scotland’s transition to net zero
  • Transforming communities
  • Scaling innovation to enable our people to flourish

This investment has been part-financed by capital from the Just Transition Fund, allocated to the Bank from Scottish Government in April 2023. The Scottish Government has committed to capitalising the Bank with £2bn in its first 10 years. Over time as the Bank’s initial investments are repaid, the Bank will reinvest those funds in businesses and projects creating a perpetual investment fund to support the Scottish economy in the long term. The Bank was established in November 2020.

About Trojan Energy:

  • Trojan Energy was founded in 2016 by 4 ex-offshore engineering executives, with extensive experience in installing critical technology in harsh environments.
  • Trojan Energy’s “flat and flush” EV charging solution minimises the impact on streets, leaving pavements “clutter-free” for people.
  • To date, they have 600 charge points in operation across 4 councils (Camden, Brent, Barnet, and Oxfordshire)