This investment primarily aligns to our net zero mission, but also supports our place mission.
The FOR:EV team has a wealth of experience in the electrical networks and distribution sector and an entrepreneurial track record. The team has already established a robust pipeline of locations across Scotland to install fast and rapid electric vehicle (EV) charging infrastructure.
FOR:EV shares the Bank’s mission to support Scotland’s transition to net zero, by providing much needed public EV charging at frequently visited retail and leisure locations, to support the decarbonisation of transport. The increased availability of charging infrastructure will also support the adoption of electric vehicles as a whole. FOR:EV’s focus on providing charging infrastructure at retail and leisure locations will reduce ‘range anxiety’ which is seen as a barrier to increased uptake of electric vehicles as well as supporting consumers in densely populated urban areas who do not have access to off-street charging.
The Bank’s investment will allow the company to embark on phase one of the roll out of its charging network.
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. FOR:EV’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 FOR:EV, at the beginning of this journey, and we look forward to seeing the progress of the network over the coming years.”
Lindsay Wallace, Founder & CEO of For:EV, said:
“I would like to welcome the Scottish National Investment Bank into the FOR:EV 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.”