Scottish start-up Trojan Energy has secured a £4.1 million round of seed funding to support the roll-out of its on-street flat and flush EV charging points. Equity Gap led a £1 million funding round; other investors include SIS Ventures, Alba Equity and the Scottish Investment Bank. The equity funding unlocked an additional £3.1 million from Innovate UK, the UK’s innovation agency.
Trojan Energy’s mission is to solve the problem of charging for vehicle owners without access to off-street parking, which is emerging as a major roadblock to EV adoption in urban areas. Trojan estimates that 10 million people in the UK, and 100 million in Europe, park on the street. Local authorities are understandably reluctant to install large numbers of conventional charging stations, which take up valuable sidewalk space. Several UK companies have developed innovative solutions, such as char.gy’s lamp post charging stations, and Urban Electric’s pop-up chargers.
Trojan Energy’s solution uses a charging point that’s flat and flush to the pavement, eliminating the need to sacrifice pedestrian space. Users carry a charging “lance”—a sort of plunger-size cylinder with a handle—in their vehicles, and plug the lance into the connector point to start charging.
Trojan Energy will use the new funding to advance testing and certification of its product. The company aims to install the first 200 units in Brent and Camden Councils by early 2021. A similar driveway product for homeowners is in the pipeline.
The UK is Trojan Energy’s immediate focus, but longer-term, it hopes to export to Europe, India and China.
Trojan Energy CEO Ian Mackenzie said, “We want to ensure that the benefits of the low-carbon transition can be realized by everyone and not just those with a driveway. With this investment, our vision has moved a step closer.”
“We are pleased to back Trojan Energy and its strong Scottish team who have brought their expertise from the Oil & Gas sector to partner with industry, energy suppliers and councils to help accelerate the adoption of EV usage in dense urban areas where the technology is needed most,” said Equity Gap Director Fraser Lusty.
“Developing an innovative, non-invasive and cost-effective solution to the problem posed by on-street charging is essential. By drawing on years of engineering and commercial experience, we believe the Trojan Energy team can achieve that,” said Scottish Investment Bank Director Kerry Sharp.
Source: Trojan Energy