The Scottish National Investment Bank has invested £2 million in Forev – the electric vehicle charging network owner and operator – to help increase charging infrastructure in Scotland.
The investment will support Forev in its ambition to create a network of over 1,700 electric vehicle charging points at public sites across Scotland focusing in particular on much needed public ‘destination’ charging points that will allow drivers to charge their vehicles away from home.
Eilidh Mactaggart, CEO 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 roll-out 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 planned that the Bank’s investment will allow Forev to continue with phase one of its roll out which will see the company begin to scale its charging network, in addition to charging locations and infrastructure 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.
Lindsay Wallace, Founder and CEO 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.