The Scottish National Investment Bank invests £2 million in electric vehicle charging network operator to help tackle lack of infrastructure.
The investment will support Forev to create a network of over 1,700 electric vehicle (EV) charging points across Scotland.
The company will focus on public destination charging points that will allow drivers to charge their vehicles away from home.
Forev, founded in 2018, builds and operates a sustainable electric vehicle infrastructure for Scotland.
The investment will allow Forev to continue with phase one of its roll out to scale its charging network.
A robust pipeline of planned locations are already in place, including places in Fife, Dundee, Perth and Kinross and Angus.
The investment also seeks to create more equitable access to the benefits of electric vehicles across Scottish communities.
Forev help remove EV charging barrier
The Scottish National Investment Bank is Scotland’s first development investment bank, wholly owned by the Scottish Ministers on behalf of the people of Scotland.
The Bank invests in business and projects connected to Scotland to deliver environmental, social and financial returns for Scots.
It invests where the private market is failing to provide the support businesses and projects require to grow.
Incentives are in place to encourage consumers to swap to electric vehicles and purchasing costs are falling.
However access to charging points remains a barrier to the widespread adoption required to have a significant impact on emissions.
Eilidh Mactaggart, chief executive 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 cannot charge at home and drivers on the move.
Lindsay Wallace, founder and chief executive 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.”