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Scottish National Investment Bank invests £2M to improve EV charging network in Scotland

While many people are eyeing to witness the transition to net zero, the decarbonisation of transport is one of the most significant and challenging factors in realising the same. There are attractive incentives to encourage consumers to swap to electric vehicles and purchasing costs are taking a plunge but access to charging points remains a barrier to the widespread adoption of electric vehicles.

Scottish electric vehicle charging network operator Forev intends to develop accessible public charging sites. Now, the company has secured £2 million from the Scottish National Investment Bank to help tackle the lack of charging infrastructure in Scotland.

Over 1,700 EV charging points

The equity investment round 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 public ‘destination’ 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 with the phase one of its roll out, which will see the company scale its charging network with a robust pipeline of locations already in place. It will also create more equitable access to the benefit 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.”

The post Scottish National Investment Bank invests £2M to improve EV charging network in Scotland appeared first on UKTN (UK Tech News).

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