For EV secures further £10m investment from Scottish National Investment Bank

Scotland’s only private EV charge point operator For EV has boosted its growth plans with a £10m follow-on investment by the Scottish National Investment Bank.

Lindsay Wallace, For EV’s executive director, sales & innovations Europe, with Donna Mounce, economic infrastructure development specialist at South of Scotland Enterprise

The cash injection follows an initial investment of £2m by the bank in 2021, followed by £10m the following year and now a further £10m commitment.

The funding will help For EV drive plans to deliver high-quality, accessible electric vehicle charging hubs across the UK and further expand its fleet proposition, which offers bespoke solutions for businesses of all sizes to transition to a net zero future with ease.

The latest of these points was 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 electric vehicle charging.

The new charging 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-Belfast.

As well as serving Stena’s customers, the hub can also be used by the local EV driver community. Two additional charge points have also been installed specifically for use by Police Scotland.

Andy Clapp, executive director at the Scottish National Investment Bank, said: “The provision of sufficient charging points is an essential part of Scotland’s net zero transition. We are pleased to back For EV’s ambitious plans and its ability to grow and scale as a company, delivering widespread environmental and economic impact.

“For EV is aligned to the bank’s mission to help deliver a net zero Scotland.”

Lindsay Wallace, For EV’s executive director, sales & innovations Europe, said: “The £10m of follow-on investment from the Bank will support our ambitious plans to further improve EV infrastructure across the country. For example, we hope to work with SOSE to explore other prospective charging sites that will help accelerate the development of a robust EV infrastructure for Dumfries and Galloway and the Scottish Borders. This will support and encourage more businesses and communities to adopt electric vehicles as we journey towards a net zero future.”