Electric vehicle (EV) charging firm Trojan Energy has secured £9m capital investment from the Scottish Government's Scottish National Investment Bank.
The deal uses a convertible loan note (CN) debt facility - described by the bank as 'a form of debt finance, where investors offer a company an interest-bearing, repayable loan that’s convertible into that company’s shares at a future date'.
Based in Aberdeen, Trojan said the cash would be used to expand their operations and workforce, which specialises in flat-and-flush vehicle charge points designed to leave the pavement clear of clutter.
It also underpins a scale-up, which will see more than 2,000 charging points installed by the end of next year and Trojan’s workforce increase significantly.
The Scottish National Investment Bank is Scotland’s first development investment bank wholly owned by Scottish ministers.
The Trojan investment aligns with the Bank’s mission to help achieve a 'just transition to net zero by 2045'.
Ian Mackenzie, CEO of Trojan Energy, said: 'We approached the Bank as there is 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 points 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 point where we are beginning to get big orders in. The investment will allow us to further commercialise our technology and increase our manufacturing capacity.'
Nicola Douglas, executive director at the Scottish National Investment Bank, said: 'We are delighted to support Trojan with their significant scale-up plans. EV infrastructure is a vital element of the transition to electric vehicles.
'The Bank supports Trojan’s vision to provide charging infrastructure which is accessible to all, regardless of the type of property you live in.
'I have been massively impressed with the drive and determination of the Trojan team and look forward to working with them and seeing the delivery of their growth plans.'
Trojan’s EV charging solution provides customers with a lance that connects their vehicle to a flat-and-flush charging point in the street.
The charging points are either individually connected directly to people’s home electricity supplies or can also be powered via underground ducts by power cabinets, located up to 100 metres away. These cabinets can send power to 15 charging points at the same time.
Trojan estimates there are around 10 million people in the UK who currently park on-street and don’t have access to EV charging.
The picture feature Nicola Douglas, executive director at the Scottish National Investment Bank (left) and Ian Mackenzie, CEO of Trojan Energy (right).
