FOR EV energised by further £10m investment from Scottish National Investment Bank

11/06/2024

THE growth plans of Scotland’s only private electric vehicle charge point operator, FOR EV, have been boosted by a £10m follow-on investment by the Scottish National Investment Bank (the Bank).

The cash injection follows an initial investment of £2m by the Bank in 2021, followed by £10m the following year, and now a further £10m commitment. The funding will help FOR EV’s ambitious plans to deliver high-quality, accessible electric vehicle charging hubs across the UK and further expand its unique fleet proposition, which offers bespoke solutions for fleets of all sizes to transition to a net zero future with ease. 

The latest of these points was unveiled this week at Loch Ryan ferry port in Cairnryan, near Stranraer, where Stena Line’s 1.3m annual customers will now have access to rapid electric vehicle charging.

The new charging hub, which can charge eight electric vehicles simultaneously and provide around 320 charging sessions a day, is the result of a public-private joint venture between FOR EV and South of Scotland Enterprise (SOSE). SOSE has invested £170,000 into the facility within the ‘landside’ area of the port, which forms part of the UK’s busiest domestic short sea route, Cairnryan-Belfast.

As well as serving Stena’s customers, the hub can also be used by the local EV driver community, providing a much-needed boost for the area’s charging infrastructure. Two additional charge points have also been installed specifically for use by Police Scotland.

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’s Executive Director, Sales & Innovations 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 work with SOSE 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.”

Martin Valenti, Director of Net Zero, Nature and Entrepreneurship at SOSE, said: “By supporting FOR EV to install new rapid EV charge points at Loch Ryan Port, we’ve significantly improved the port’s infrastructure. This investment will provide a boost to drivers who have already made the transition to electric vehicles, encourage more to make the switch, and help the South of Scotland play a key role in the wider goal to reach Net Zero by 2045.”

Andrew Kane, Regional Port Operations Manager, Stena Line said: “At a time when electric vehicle usage is increasing rapidly, the introduction of the port’s new EV charging infrastructure, provided by FOR EV, will help to meet customer demand for charging services. Customers will now have the convenience of rapid charging their vehicle before boarding or after disembarkation of our vessels to continue their journey seamlessly. Stena Line has ambitious sustainability goals, and introducing infrastructure such as this within our ports to support our customers’ own sustainability is key to reaching our targets.”

The Latest Stories

An Introduction to The AI Act: What You Need To Know 
Edinburgh Business School offers in-demand industry skills through Coursera’s Career Academy
How AI is changing the game for businesses
New research ranks best UK locations for AI businesses