Aberdeen-based Trojan Energy has sacred £4.1 million in seed funding to boost its plans to roll out of its on-street flat and flush electric vehicle (EV) charging points.
The new product aims to help solve the issue of charging for vehicle owners with access to off-street parking, which is currently a major barrier for electric vehicle uptake, particularly in urban areas.
Trojan Energy estimates that 10 million people park on the street in the UK and 100 million in Europe.
The company said that councils have been reluctant to install on-street charging points due to their size and space requirements on pavements.
However, Trojan Energy’s charging points are flat and flush to the pavement, removing the need to sacrifice pedestrian space.
Users can carry a charging ‘lance’ in their vehicles and plug the lance into the connector point to start charging.
Trojan Energy is aiming to install its first 200 units in Brent and Camden Councils by early 2021.
The company also plans to follow the roll-out of its on-street product with a similar driveway product for homeowners, eliminating the need for posts or wall boxes to charge at home.
Trojan Energy’s funding round comprises a £1 million 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 £3.1 million from Innovate UK, the UK’s innovation agency.
While the UK remains Trojan Energy’s immediate focus, longer-term the business plans to export to Europe, India and China, aiming to capture a large part of the emerging global on-street charging market.
Ian Mackenzie, Trojan Energy chief executive, 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.”