The Bank’s investment in electric vehicle charging network owner & operator, Forev, will enable it to roll-out its charge points across Scotland.
This investment primarily aligns to our net zero mission, but also supports our place mission.
The Forev 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.
Forev 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. Forev’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.
"Forev aims to support Scotland’s transition to electric vehicles, with the potential to play a significant role in decarbonising transport."Eilidh Mactaggart
CEO - Scottish National Investment Bank
The Bank is the sole investor in this round
New charging points to be rolled out
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 & 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.”
Alignment to the United Nations' Sustainable Development Goals
All of the investments we make support the UN's Sustainable Development Goals. The Goals supported by Forev are listed below.
Affordable and Clean Energy
This goal is supported by having increasing charging points across Scotland and encouraging clean energy.
Decent Work and Economic Growth
This goal is supported through job creation, regenerating areas, the supply chain effect, and by entering an innovative growing market.
Industry, Innovation and Infrastructure
EV’s play a role in promoting new technologies and enable efficient use of resources. Covid has emphasised the need for resilient infrastructure.
Forev supports this goal by providing charge points across Scotland which present EV ownership opportunities to the wider population.
Responsible Consumption and Production
Forev contributes to the transition towards low-carbon and green economies.
This is supported by the transition to EVs, reducing the reliance on fossil fuels and encouraging clean energy.