Scottish National Investment Bank invests £ 2million to improve Scotland’s electric vehicle charging network – UKTN

While many people plan to witness the transition to net zero, decarbonizing transportation is one of the most important and difficult factors in achieving it. There are good incentives to encourage consumers to switch to electric vehicles and purchasing costs are plummeting, but access to charging points remains a barrier to the widespread adoption of electric vehicles.

The Scottish operator of the Forev electric vehicle charging network intends to develop accessible public charging sites. Today the company has secured £ 2million from the Scottish National Investment Bank to tackle Scotland’s lack of charging infrastructure.

More than 1,700 EV charging points

The roundtable will support Forev in its ambition to create a network of over 1,700 electric vehicle charging points at public sites across Scotland. The company will use the funds to focus on “destination” public charging points that will allow drivers to charge their vehicles away from home.

With this investment, Forev, founded by Lindsay Wallace in 2018, will continue the first phase of its deployment, which will see the company expand its charging network with a strong pipeline of locations already in place. It will also create more equitable access to the benefits of electric vehicles in Scottish communities.

Eilidh Mactaggart, CEO of the Scottish National Investment Bank, said: “Decarbonizing transport is an important and essential challenge in the transition to net zero. Forev’s deployment strategy has the potential to have a significant positive impact on the adoption of electric vehicles in Scotland, including providing more charging options for EV drivers who do not have the option of recharging at home and drivers on the move. 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. “

Lindsay Wallace, Founder and CEO of Forev, said: “I welcome the Scottish National Investment Bank to the Forev family. We are extremely excited to work with the Bank as we develop our sustainable charging network for electric vehicles. Without their support and support, we would not be able to achieve our ambition to install more than 1,700 fast and scalable charging stations across Scotland over the next five years. I would particularly like to thank Burness Paull for their incredible confidence in Forev and for their help in securing this partnership.