Franklin Energy energised by North West Fund Micro Loan
Franklin Energy, a Liverpool company that installs charging systems for electrical vehicles, has benefited from a five figure investment courtesy of The North West Fund for Micro Loans.
The company was founded by Rob Byrne and Dan Leaper in November 2013 with the purpose of developing an electric vehicle charging system to serve domestic and commercial customers across the North West region.
A charging network would allow drivers to plug in to the economic and environmental benefits of electric vehicles and lower their average running costs to around 2p per mile (a saving of up to 80% over traditional fuel options).
The Government has devoted more than £300 million towards the costs of vehicles and £30 million of match-funding for eight pilot recharging infrastructure projects.
Merseyside Special Investment Fund (MSIF) committed to its loan to Franklin Energy as a joint manager of the Micro Loans fund.
Franklin Energy founder Rob Byrne said:
“The Government predicts that by 2017, one in 10 vehicles sold will be plug-in models, which is around 200,000. There is a severe lack of charging infrastructure in the North West which we can rectify.
“We have already won a contract with property developer Countryside into 89 new-build properties in Rainhill and are also working on a project with Merseytravel to develop a rapid charging network throughout the six boroughs of Merseyside for electric taxis.
“It will enable drivers of electric taxis to recharge their vehicles in just 20 minutes and reduce their costs as a £5 charge would equate to around 190 miles, a fraction of the cost of petrol.”
Rob Byrne has also confirmed that the investment from MSIF will enable the company to take on three more employees.
MSIF investment manager Sue Chambers said:
“We believe this is a fast growing marketplace.”
Words: Peter Cribley