Investment in electric vehicle charging network owner & operator, FOR:EV I Scottish National Investment Bank

Mission Alignment

This investment primarily aligns to our net zero mission, but also supports our place mission.

The FOR:EV team has a wealth of experience in the electrical networks and distribution sector and an entrepreneurial track record. The team has already established a robust pipeline of locations across Scotland to install fast and rapid electric vehicle (EV) charging infrastructure.

FOR:EV shares the Bank’s mission to support Scotland’s transition to net zero, by providing much needed public EV charging at frequently visited retail and leisure locations, to support the decarbonisation of transport. The increased availability of charging infrastructure will also support the adoption of electric vehicles as a whole. FOR:EV’s focus on providing charging infrastructure at retail and leisure locations will reduce ‘range anxiety’ which is seen as a barrier to increased uptake of electric vehicles as well as supporting consumers in densely populated urban areas who do not have access to off-street charging.

The Bank’s investment will allow the company to embark on phase one of the roll out of its charging network.

Key Information

Key Mission

Net Zero

Amount Invested

£22m

Location

Across Scotland

Key Quotes

Lindsay Wallace, Founder & CEO of For:EV, said:

“I would like to welcome the Scottish National Investment Bank into the FOR:EV family. 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.”

For:EV