The Scottish National Investment Bank has invested £2m in electric vehicle charging network owner and operator Forev to help tackle the lack of charging infrastructure in Scotland.
The equity investment will support the company’s ambition to create a network of more than 1,700 electric vehicle charging points at public sites across the country.
It will focus, in particular, on public ‘destination’ charging points that will allow drivers to charge their vehicles away from home.
Phase one of its roll out will see the company begin to scale its charging network, with a pipeline of locations already in place.
The Scottish-based company established in 2018 by founder and chief executive Lindsay Wallace.
He commented: “We are tremendously excited about working with the Bank as we build out our sustainable EV charging network.
“I would especially like to thank Burness Paull for their incredible belief in Forev and for their assistance with securing this partnership.”
The Scottish National Investment Bank was established in November 2020 and is led by chief executive Eilidh Mactaggart.
She stated: “The decarbonisation of transport is a significant challenge and one which is critical in the transition to net zero.
“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.”
Scotland’s first development investment bank is wholly owned by the Scottish ministers, but is a PLC and operationally independent from government.
It is focussed on delivering both commercial returns and mission impacts with its investments, aiming to deliver long term, patient debt or equity investment where the private market is failing to provide the support businesses require to grow.
The Scottish Government has committed to capitalising the bank with £2bn in its first 10 years.
Over time, as initial investments are repaid, the bank will reinvest those funds in businesses and projects, creating a perpetual investment fund.
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