£2 million boost for Scottish electric vehicle charging network
An Edinburgh startup is set to tackle Scotland’s lack of electric vehicle (EV) charging infrastructure after a £2 million cash injection from the national investment bank.
The Scottish National Investment Bank’s investment will support Forev – which builds and operates a sustainable EV infrastructure for Scotland – to create a network of over 1,700 EV charging points at public sites across the country.
The company will focus, in particular, on much needed public ‘destination’ charging points that will allow drivers to charge their vehicles away from home.
The decarbonisation of transport is one of the most significant and challenging factors in the transition to net zero.
While incentives are in place to encourage consumers to swap to EVs and purchasing costs are falling, access to charging points, both at home and while on the move, remains a barrier to the widespread adoption required to have a significant impact on emissions.
The bank’s investment will allow Forev to continue with phase one of its rollout which will see the company begin to scale its charging network, with a robust pipeline of locations already in place.
Aligning with the bank’s mission to support Scotland’s progress to net zero, the investment also seeks to create more equitable access to the benefits of electric vehicles across Scottish communities.
Eilidh Mactaggart, chief executive of the Scottish National Investment Bank, said: “The decarbonisation of transport is a significant challenge and one which is critical in the transition to net zero.
“Forev’s rollout strategy has the potential to have a significant positive impact on the uptake of electric vehicles in Scotland, specifically by providing more charging options for EV drivers who do not have the ability to charge at home and drivers on the move. It is an exciting and crucial time for the Bank to be supporting Forev, at the beginning of this journey, and we look forward to seeing the progress of the network over the coming years.”
Lindsay Wallace, founder and chief executive of Forev, said: “I would like to welcome the Scottish National Investment Bank into the Forev family. We are tremendously excited about working with the bank as we build out our sustainable EV charging network.
“Without their backing and support we would not be able to achieve our ambition of installing over 1,700 futureproof fast and rapid charge points throughout Scotland over the next five years.”
The Scottish National Investment Bank, which is operationally independent from government, is Scotland’s first development investment bank, wholly owned by the Scottish ministers on behalf of the people of Scotland.