Electric vehicle (EV) charging company Trojan Energy has secured a £9m capital investment from the Scottish Government’s Scottish National Investment Bank.

The deal uses a convertible loan (CN) facility – described by the bank as “a form of debt financing, where investors offer a company a repayable, interest-bearing loan that is convertible into shares of that company at a future date. “.

Aberdeen-based Trojan said the money would be used to expand its operations and workforce, which specializes in flat and flush-mounted vehicle charging stations designed to leave the roadway clear of clutter.

It also underpins a scale-up, which will see over 2,000 charging points installed by the end of next year and the Trojan workforce will grow significantly.

The Scottish National Investment Bank is Scotland’s premier development investment bank wholly owned by Scottish Ministers.

Trojan’s 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 because there is a clear alignment of missions and we see them as long-term partners on our journey.

“Our charging system is specifically designed 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 time when we are starting to receive large orders. The investment will allow us to further commercialize our technology and increase our manufacturing capacity.”

Nicola Douglas, Chief Executive of the Scottish National Investment Bank, said: “We are delighted to support Trojan in their significant scale-up plans. Electric vehicle infrastructure is an essential part of the transition to electric vehicles.

“The Bank supports Trojan’s vision of providing charging infrastructure that is accessible to everyone, regardless of the type of property you live in.

“I have been extremely impressed with the drive and determination of the Trojan team and look forward to working with them and seeing their growth plans come to fruition.”

Trojan’s electric vehicle charging solution provides customers with a lance that connects their vehicle to a flat, recessed charging point in the street.

Charging stations are either individually connected directly to people’s home power supply, or powered via underground conduits by electrical cabinets, located up to 100 meters away. These cabinets can send energy to 15 charging points at the same time.

Trojan estimates that there are around 10 million people in the UK who currently park on the street and do not have access to electric vehicle charging.

The photo features Nicola Douglas, Executive Director of the Scottish National Investment Bank (left) and Ian Mackenzie, CEO of Trojan Energy (right).