Scottish National Investment Bank backs Forev with £ 2million

The Scottish National Investment Bank has invested £ 2million in the owner and operator of the Forev electric vehicle charging network to help address Scotland’s lack of charging infrastructure.

The capital investment will support the company’s ambition to create a network of more than 1,700 electric vehicle charging points on public sites across the country.

It will focus in particular on “destination” public charging stations which will allow drivers to charge their vehicles away from home.

The first phase of its deployment will see the company begin to expand its charging network, with a pipeline of locations already in place.

The Scotland-based company was formed in 2018 by founder and CEO Lindsay Wallace.

He commented: “We are extremely excited to work with the Bank as we develop our sustainable charging network for electric vehicles.

“I would particularly like to thank Burness Paull for their incredible confidence in Forev and for their help in securing this partnership. “

The Scottish National Investment Bank was established in November 2020 and is headed by Managing Director Eilidh Mactaggart.

She said: “Decarbonizing transport is an important and essential challenge in the transition to net zero.

“It is an exciting and crucial time for the Bank to support Forev, as we begin this journey, and we look forward to seeing the network’s progress over the next few years. “

Scotland’s premier development investment bank is 100% owned by Scottish ministers, but is a public limited company and operationally independent of government.

It focuses on generating both business returns and mission impacts with its investments, with the aim of providing patient or long-term equity investments where the private market fails to provide the support. that businesses need to grow.

The Scottish government has pledged to capitalize the bank with £ 2 billion in its first 10 years.

Over time, as the initial investments are paid back, the bank will reinvest these funds in businesses and projects, thus creating a perpetual investment fund.

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