Scottish National Investment Bank invests £2m in electric vehicle charging company Forev

Lindsay Wallace, CEO of Forev. Image: Forev.

The Scottish National Investment Bank is aiming to help address the lack of electric vehicle (EV) charging infrastructure in Scotland with an investment of £2m.

The funding is for electric vehicle charging company Forev, to support its ambitions to create a network of over 1,700 electric vehicle charging stations at public sites across Scotland.

The company is focusing on charging stations for public use, with the investment allowing it to continue the first phase of its deployment. This will see Forev begin to scale its charging network, with what it says is a robust pipeline of locations already in place.

It comes after Transport Scotland and Scottish Futures Trust highlighted the need for changes to the current ChargePlace Scotland network in a new report released last week.

More than 1,800 charging stations have been installed as part of the ChargePlace Scotland network, in which the government has invested £45million. However, the report says that if this were to continue, it would cost the public purse even more. In addition, the continued offer of duty-free access could discourage other potential sources of investment.

The report adds that sustaining the growth of the mass market for electric vehicles in Scotland will require a major expansion of public charging.

“Forev’s rollout strategy has the potential to have a significant positive impact on the uptake of electric vehicles in Scotland, in particular by providing more charging options for EV drivers who do not have the option of charging at home and drivers on the go,” Eilidh Mactaggart, CEO of Scottish National Investment Bank, said.

The £2bn Scottish National Investment Bank was launched in 2020 with the aim of supporting net zero, harnessing innovation and extending equal opportunities by improving venues.