Scottish EV business gets £10m funding boost

Scotland’s only private electric vehicle charge point operator has been given a £10m funding boost, as it looks to deliver more EV charging hubs across the UK.

FOR EV has received a £10m follow-up investment from the Scottish National Investment Bank, totalling the bank’s investment in the company at £22m.

The Scottish electric vehicle charging point installer said it will use the funds to help with expansion across the UK, as well as developing its fleet proposition.

The move comes as Scotland looks to reach net zero by 2045 although the Scottish government has ditched its flagship target of reducing greenhouse gas emissions by 75% by 2030 after accepting that it is now “out of reach”.

The new hub, which can charge eight electric vehicles at the same time 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).

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The latest charge point was unveiled this week at Loch Ryan ferry port in Cairnryan, near Stranraer, where the 1.3m annual customers of ferry company Stena Line will now have access to  electric vehicle charging.

As well as serving Stena’s customers, the hub can also be used by the local community.

Executive director, sales and innovations Europe, Lindsay Wallace said: “The £10m of follow-on investment from the bank will support our ambitious plans to further improve EV infrastructure across the country.”

Martin Valenti, director,  net zero, nature and entrepreneurship at SOSE, said: “By supporting FOR EV to install new rapid 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.”

Last month, Nissan teamed up with the world’s largest battery recycler on an initiative to see how its used EV batteries could be given a second life.


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