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EV charging point group seeks spark amid Reeves tax raid
An electric vehicle charging point provider backed by Britain’s biggest high street banks is exploring a sale amid fears over the impact of the Treasury’s latest tax raid on the sector.
Sky News has learnt that Trojan Energy, which is part-owned by the BGF, is working with advisers on a review of its strategic options, including a sale to new investors. City sources said that bids for the company, which is being marketed by Interpath Advisory, were due this week.
Money latest: The hidden government savings account worth £2k Founded in 2016, Trojan Energy raised £26m two years ago from investors including BGF and the Scottish National Investment Bank. The BGF was set up by the UK's major retail lenders in the aftermath of the 2008 financial crisis, with a multibillion-pound mandate to invest in small and mid-sized British companies.
Trojan Energy provides on-street and kerbside EV charging points, and now has a network of more than 1,500 connections, according to its website. It is also contracted to install hundreds more, which information circulated to potential buyers said positioned it "for rapid UK and international scale-up".
However, there are growing doubts about future demand for EVs following the chancellor's decision to slap a 3p-per-mile tax on electric cars from 2028. Reports said last weekend that the Treasury was reviewing this charge as well as the imposition of VAT on the use of chargers which are not located on motorists' driveways.
Interpath declined to comment..
Amir Nisi
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