FOR EV nets £10 million investment from Scottish National Investment Bank

Scotland’s only private electric vehicle (EV) chargepoint operator, FOR EV, has received a £10 million investment from the Scottish National Investment Bank.

This follows a £2 million investment from the bank in 2021 and a further £10 million investment in 2022.

Andy Clapp, executive director at the Scottish National Investment Bank said: “The provision of sufficient charging points is an essential part of Scotland’s net zero transition. We are pleased to back FOR EV’s ambitious plans and its ability to grow and scale as a company, delivering widespread environmental and economic impact. FOR EV is aligned to the Bank’s mission to help deliver a net zero Scotland.”

FOR EV has recently installed a new charging hub at the Loch Ryan ferry port in Cairnryan, where customers of Stena Line ships, as well as the general public, can access one of eight EV chargers.

FOR EV’s executive director of sales and innovation for Europe, Lindsay Wallace said: “Our newest hub will future-proof Stena Line’s Loch Ryan Port while also providing local people, who have until now suffered from a dearth of EV charging infrastructure in their area, with improved access to high-quality charging facilities.

“The £10m of follow-on investment from the Bank will support our ambitious plans to further improve EV infrastructure across the country. For example, we hope to explore other prospective charging sites that will help accelerate the development of a robust EV infrastructure for Dumfries and Galloway and the Scottish Borders. This will support and encourage more businesses and communities to adopt electric vehicles as we journey towards a Net Zero future.”

EV charger investment soaring

With sales of EVs making up almost 18% of market share in May 2024, investment into charging infrastructure has been on a huge upward trajectory. Good Energy Group recently made a £1.7 million strategic investment in chargepoint mapping firm Zapmap, while Scania has created a new company targeting 40,000 EV chargepoint installations by 2030.

However, the rate of installations needs to increase immensely to meet government installation targets. Data from Cornwall Insight indicates that EV chargepoint installations must double in speed if the government target of 300,000 public EV chargers by 2030 is to be met.