SNIB backs Forev’s EV charging points plan
Lindsay Wallace: ambitious plan
The Scottish National Investment Bank has made a £2 million equity investment in Forev to support its plans for an electric vehicle charging network across the country.
Forev wants to install 1,700 charging points at public sites and will focus on public destinations 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.
SNIB’s investment will allow Forev to build on phase one of it plan, with a pipeline of locations already in place.
Eilidh Mactaggart, SNIB CEO, 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 that without the bank’s support it would not be able to achieve its ambitions.”
Commenting on the transaction, John Morrison, a partner in Shepherd and Wedderburn’s corporate finance team, said: “This was our first deal for the Scottish National Investment Bank and we are delighted to have supported them on it. We look forward to watching the Forev business flourish and deliver on the Bank’s missions.”
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