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28 January 2015

Electric Vehicle charging company powers up growth plans with funding from The North West Fund

"We believe this is a fast growing marketplace and we are very pleased to be supporting the business.”

Franklin Energy


A new business which installs electrical vehicle charging systems has been set up with investment from The North West Fund for Micro Loans.

Franklin Energy Limited (www.franklinenergy.co.uk) was established in November 2013 to develop an electric vehicle charging infrastructure throughout the North West.

The business was set up by founder Rob Byrne, formerly a project manager who graduated from the University of Liverpool with a degree in engineering.  He was recently joined by technical director Dan Leaper a Cambridge University graduate.

Electric vehicles offer significant economic and environmental benefits over the combustion engine, and cost on average 2p per mile to run, resulting in 80% cheaper running costs. 

Rob Byrne said: "Our vision is to create a network of rapid Electric Vehicle (EV) charging centres, powered by renewable energy sources and managed smartly through balancing the local grid supply and demand of electricity. In order for the UK to meet stringent emission targets, it's essential we de-carbonise both the production and consumption of energy."

The shift to ultra-low emission vehicles is being supported by the government which has pledged over £300 million of funding towards the upfront costs of eligible vehicles to consumers and businesses and £30 million to match fund eight recharging infrastructure pilot projects.

Franklin Energy directors invested alongside The North West Fund for Micro Loans. The Fund's investment was made by Merseyside Special Investment Fund (MSIF) which jointly
manages the Micro Loan Fund with Business Finance Solutions. 

Commenting on receiving the funding, Rob said:  "The greatest achievement for the business so far is undoubtedly the successful fund raising for a company that has been trading less than a year. This wouldn't have been achieved without the comprehensive 60 page business plan or key relationships with clients.

"We have already won a contract with property developer Countryside Properties in
Rainhill and are also working on a project with Mersey Travel to develop a rapid charging network throughout the six boroughs of Merseyside for electric taxis.

"We are working with local authorities, private sector and the public and are accredited by the office for low emission vehicles.

"MSIF have been very supportive and their investment has already allowed us to launch our website and move into new business premises in central Liverpool. The remaining funding will support further growth plans as we take on new contracts and staff. Without securing investment, this rapid growth wouldn't have been possible." 

Sue Chambers, investment manager at MSIF, which jointly manages The North West Fund
for Micro Loans, said: "There has been a huge drive to decarbonise UK transport and the government has made funding provisions and incentives to encourage the use of electrical vehicles.

"Rob has years of experience in the engineering sector and has established a strong support team to enable the business to complete installation projects.  We believe this is a fast growing marketplace and we are very pleased to be supporting the business."

 

For more information about how you may be able to access Micro Loan funding for your business please visit http://www.thenorthwestfund.co.uk/funds/micro-loans

 




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