The electric vehicle (EV) charging point provider, Trojan Energy, is currently exploring potential sale opportunities amidst growing concerns about the implications of recent tax changes imposed by the UK Treasury. This development has raised eyebrows, particularly given that the company is backed by some of the largest banks on British high streets.
Recent information obtained by Sky News indicates that Trojan Energy, which has partial ownership from the Business Growth Fund (BGF), has engaged advisers to assess its strategic options, including the possibility of attracting new investors through a sale. According to sources in the financial sector, bids for Trojan Energy, which is being presented for sale by Interpath Advisory, are anticipated to be submitted this week.
Founded in 2016, Trojan Energy successfully secured £26 million in funding two years ago, with contributions from notable investors such as BGF and the Scottish National Investment Bank. The BGF was established by major retail banks in the UK as a response to the 2008 financial crisis, aiming to invest billions into small and mid-sized enterprises within the country.
Trojan Energy specializes in providing on-street and kerbside EV charging points, boasting a network that exceeds 1,500 connections, as detailed on their official website. Additionally, the company has contracts to install hundreds more charging points, which promotional materials suggest positions it well for rapid expansion both domestically and internationally.
However, uncertainty looms over the future demand for electric vehicles, especially following the Chancellor's recent announcement of a new tax set to impose a charge of 3 pence per mile on electric cars starting in 2028. Reports from last weekend indicate that the Treasury is also evaluating the proposed introduction of VAT on public charging stations not located on private driveways.
Interpath Advisory has chosen not to provide any comments regarding these developments.
