# Trojan Energy funding: rounds and investors

> Trojan Energy has raised $40M across 2 rounds since 2021. Investors include Innovate UK, Business Growth Fund and Scottish Enterprise.

Source: https://millionrounds.com/company/trojan-energy (Millionrounds; every figure on the page links to its filing or article)

United Kingdom · [Venture startup](https://millionrounds.com/companies)

# Who invested in *Trojan Energy*

2 rounds we have observed, with the 3 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it.

Automotive & EVs

Funding summary Updated 26 Oct 2026

**$40M** raised across 2 rounds since 2021, from 2 sources

**$6.7M** Round **$33M** Venture

- **Latest round:** Venture, $33M Jan 2024
- **Step-up i:** 4.9×
- **Investors:** 3

See who backed them

## The funding story

Each circle is a round, placed by date and sized by amount. The line above is the running total.

2022 2023 2024

**$6.7M** Round

**$33M** Venture

- **First round:** Round, $6.7M
- **Biggest round:** $33M
- **Between rounds:** 2.4 years

## The rounds

- **Jan 2024** Venture **$33M** *3 new* [Innovate UK](https://millionrounds.com/fund/innovate-uk) [Business Growth Fund](https://millionrounds.com/fund/bgf) [Scottish Enterprise](https://millionrounds.com/fund/scottish-enterprise) Source recorded
- **Aug 2021** Round **$6.7M** No investor was named in the report. Shares issued, filed with Companies House (SH01); no report of this raise yet

## Funding filed with regulators

Trojan Energy filed 3 raises, $40M in all. Filings say how much was sold and to how many investors; they never name the investors.

- Jan 2024 **$21M** UK share allotment
- Dec 2023 **$15M** UK share allotment
- Aug 2021 **$3.4M** UK share allotment

## Founders and team

From Trojan Energy's own website: 5 on the team.

- **Ian Mackenzie** Chief Executive Officer
- **Hugh Mackenzie** Chief Operating Officer
- **Jennifer Heiton** Chief Financial Officer
- **John Nicholls** Chief Commercial Officer
- **Sandy Thom** Chief Technical Officer

## Who was in which round

The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led.

**Round** 2021 **Venture** 2024 [Innovate UK](https://millionrounds.com/fund/innovate-uk) [Business Growth Fund](https://millionrounds.com/fund/bgf) [Scottish Enterprise](https://millionrounds.com/fund/scottish-enterprise)

## Everyone who backed them

[Innovate UK](https://millionrounds.com/fund/innovate-uk) VC firm **1** round

[Business Growth Fund](https://millionrounds.com/fund/bgf) Private equity **1** round

[Scottish Enterprise](https://millionrounds.com/fund/scottish-enterprise) Government **1** round

Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=trojan-energy).

## Quick answers about Trojan Energy

### Who invested in Trojan Energy?

Trojan Energy's investors include Innovate UK, Business Growth Fund and Scottish Enterprise.

### How much has Trojan Energy raised?

Trojan Energy has raised $40M across 2 rounds since 2021.

### When did Trojan Energy last raise?

Trojan Energy's most recent round was a Venture of $33M in Jan 2024.

### What was Trojan Energy's biggest round?

Its most recent round, $33M in Jan 2024, is also its largest on record.

### Who backed Trojan Energy first?

Trojan Energy's first round on record, in Jan 2024, was backed by Innovate UK, Business Growth Fund and Scottish Enterprise.

### What stage is Trojan Energy at?

Trojan Energy's latest named round is a Venture, in Jan 2024.

### Where is Trojan Energy based?

Trojan Energy is based in the United Kingdom.

## Companies like Trojan Energy

In the same sector, and raised in the last eighteen months.

[**Go Eve** $6.1M · Oct 2026](https://millionrounds.com/company/go-eve)[**Rightcharge** $1.4M · Sept 2026](https://millionrounds.com/company/rightcharge)[**TOGL Energy** $1.1M · Sept 2026](https://millionrounds.com/company/togl-energy)[**Breathe Battery Technologies** $132M · Aug 2026](https://millionrounds.com/company/breathe-battery-technologies)[**Nyobolt** $155M · Aug 2026](https://millionrounds.com/company/nyobolt)[**Holdson** $2.8M · Jul 2026](https://millionrounds.com/company/holdson)

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