THE growth plans of Scotland’s only private electric vehicle charge point operator, FOR EV, have been boosted by a £10 million follow-on investment by the Scottish National Investment Bank.
The cash injection follows an initial investment of £2 million by the bank in 2021, followed by £10 million the following year, and now a further £10 million commitment. The funding will help FOR EV’s ambitions to deliver accessible electric vehicle charging hubs across the UK and further expand its fleet proposition.
The latest of these points was unveiled at Loch Ryan ferry port in Cairnryan, near Stranraer, where Stena Line’s 1.3 million annual customers will now have access to rapid electric vehicle charging.
The 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.
The hub can also be used by the local EV driver community, while two additional charge points have 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.”
Lindsay Wallace, FOR EV’s executive director, sales & innovations Europe, added, “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.”
