UK. Scottish FOR EV secures £10 million investment

The Scottish National Investment Bank has invested ten million pounds in charge point operator FOR EV to help expand charging infrastructure across the country. The latter also announced new charge points at Loch Ryan ferry port in Cairnryan.

It is not the first time the Scottish National Investment Bank has invested in FOR EV. The first investment worth two million pounds (about 2.35 million euros at the time) was made in 2021, followed by a ten-million pound (about 11.87 euros) commitment in 2022.

“The £10m of follow-on investment from the Bank will support our ambitious plans to further improve EV infrastructure across the country,” says FOR EV’s Executive Director, Sales & Innovations Europe, Lindsay Wallace. “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.”

At the same time, FOR EV announced the opening of a new fast-charging location at Loch Ryan ferry port in Cairnryan, where Stena Lines lands and departs. FOR EV does not mention how much kW the chargers can provide, only that the new hub “can charge eight electric vehicles simultaneously and provide around 320 charging sessions a day.”

Moreover, there are two separate charge points for the Scottish police. The hub was built by a joint venture between FOR EV and South of Scotland Enterprise (SOSE), which invested £170,000.

“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,” says Wallace.