FOR EV gets another £10m from Scottish National Investment Bank

FOR EV has secured a £10m follow-on investment from the Scottish National Investment Bank.

This follows an initial investment of £2m by the bank in 2021, followed by £10m the following year.

The funding should help the Scottish electric vehicle charging point installer with expansion across the UK, as well as developing its fleet proposition.

FOR EV’s latest charging points were unveiled this week at Loch Ryan ferry port in Cairnryan, near Stranraer, where Stena Line’s 1.3 million annual customers will now have access to rapid charging.

The new hub, which can charge eight electric vehicles simultaneously 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).

SOSE has invested £170,000 into the facility within the ‘landside’ area of the port, which forms part of the UK’s busiest domestic short sea route, Cairnryan to Belfast.

FOR EV’s executive director for sales and innovations Europe, Lindsay Wallace, said: “Our newest hub will future-proof Stena Line’s Loch Ryan Port while also providing local people, who have until now suffered from a dearth of EV charging infrastructure in their area, with improved access to high-quality charging facilities.