Franklin Energy, a company that installs electric vehicle charging systems, has seen its corporate debut thanks to investment from the North West Fund for Micro Loans.
Established in November 2013, Franklin Energy aims to be the go-to business for developing an electric vehicle charging infrastructure throughout the North West.
Set up by founder Rob Byrne, formerly a project manager and graduate of the University of Liverpool with a degree in engineering, the company saw the recent addition of technical director Dan Leaper.
Electric vehicles demonstrate significant economic and environmental benefits, costing just 2p per mile to run which results 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.”
A transition to ultra-low emission transport is being supported by the UK government, which has pledged more than £300 million of funding to the upfront costs of eligible vehicles to consumers and businesses, with a futher £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), who are jointly responsible for managing the Micro Loan Fund with Business Finance Solutions.
Rob Byrne added:
“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.”
Words: Peter Cribley