Millions invested to build charging points for electric vehicles

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A SCOTTISH bank has invested millions into electric vehicles to help tackle the lack of charging infrastructure in Scotland.

The Scottish National Investment Bank has invested £2 million into Forey to support its aim to create over 1700 electric vehicle charging points across Scotland.

Forey claims they want to focus on much needed public ‘destination’ charging points that will allow drivers to charge their vehicles away from home.

Lindsay Wallace - business news scotland
Forev’s founder and CEO Lindsay Wallace. Copyright Photo by Paul Chappells. The decarbonisation of transport is one of the most significant – and challenging – factors in the transition to net zero.

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.

This investment will allow Forey to continue with phase one of its roll out which will see the company begin to scale its charging network, with many locations already in place.

electric car - scottish news
Photo by CHUTTERSNAP on Unsplash. The investment also seeks to create more equitable access to the benefits of electric vehicles across Scottish communities.

Aligning with The Bank’s mission to support Scotland’s progress to net zero, the investment also seeks to create more equitable access to the benefits of electric vehicles across Scottish communities.

Lindsay Wallace, Founder and CEO of Forev, said “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.

motorway - business news scotland
Photo by Gleb Kozenko on Unsplash. The equity investment will support Forev in its ambition to create a network of over 1,700 electric vehicle charging points at public sites across Scotland.

In order to transition to net zero efficiently, the biggest issue in the way is the decarbonisation of transport.

There are incentives to encourage consumers to swap to electric vehicles  like purchasing costs falling but the lack of access to charging points remains a barrier holding them back.