£2m funding in EV charging provider Forev
Scottish National Investment Bank funding is vital spark in roll out of Forev EV charging network
The Scottish National Investment Bank has invested £2 million in Forev – the electric vehicle charging network owner and operator – to help tackle the lack of charging infrastructure in Scotland.
The equity investment 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 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 electric vehicles 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 roll out 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, 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 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 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. I would especially like to thank Burness Paull for their incredible belief in Forev and for their assistance with securing this partnership.”
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Notes to editors
The Scottish National Investment Bank is Scotland’s first development investment bank, wholly owned by the Scottish Ministers on behalf of the people of Scotland.
The Bank is an impact investor, focussed on delivering both commercial returns and mission impacts with its investments. The Bank is a PLC and operationally independent from government.
The Bank invests in business and projects connected to Scotland to deliver long term, patient debt or equity investment where the private market is failing to provide the support businesses and projects require to grow.
The Bank’s missions are:
- Supporting Scotland’s transition to net zero
- Building communities and promoting equality
- Harnessing innovation to enable our people to flourish
The Scottish Government has committed to capitalising the Bank with £2bn in its first 10 years. Over time as the Bank’s initial investments are repaid, the Bank will reinvest those funds in businesses and projects creating a perpetual investment fund to support the Scottish economy in the long term.
The Bank was established in November 2020 and is led by Chief Executive, Eilidh Mactaggart.
Forev builds and operates a sustainable electric vehicle infrastructure for Scotland – helping safeguard its future as a place to be explored and enjoyed for generations to come.
It is a proud Scottish based company established in 2018 which holds itself to the highest principles and ethical standards.
Forev supports local causes, drives sustainability, and creates jobs within the renewables sector. The company prides itself on having a hugely experienced and knowledgeable team.
Led by Founder and Chief Executive Lindsay Wallace, the team work with the owners of commercial property and public parking in Scotland’s town and cities to develop accessible public charging sites.