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Edinburgh's FOR EV, a leading operator of private electric charge points, has recently boosted its funding with an additional £10M investment from the Scottish National Investment Bank. This latest injection follows a prior £2M in 2021 and another £10M in the following year.
Lindsay Wallace, who founded FOR EV in 2017, has steered the company to focus on deploying and managing user-friendly electric vehicle (EV) charging stations across the UK. These stations utilize fully accredited renewable energy, aligning with the company's commitment to environmental sustainability.
Among the new developments is establishing a charging hub at Loch Ryan ferry port in Cairnryan. This initiative, born from a collaboration between public and private sectors, serves the 1.3 million passengers of Stena Line annually. The hub is equipped to charge eight vehicles simultaneously and is projected to handle around 320 charging sessions daily, significantly enhancing the region's sustainable transport facilities.
The South of Scotland Enterprise (SOSE) contributed £170K towards this new facility, which supports the Cairnryan-Belfast route and benefits local EV users and Police Scotland. Installing two additional chargers exclusively for police use further underscores the hub's role in bolstering the local infrastructure.
Martin Valenti, Director of Net Zero, Nature and Entrepreneurship at SOSE, says, "By supporting FOR EV to install new rapid EV 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."
Andy Clapp, Executive Director at the Scottish National Investment Bank, says, "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."
The recent funding rounds will further FOR EV's mission to establish top-tier, widely accessible EV charging hubs throughout the UK.
Additionally, these funds will help expand the company's fleet services, offering customized solutions to support fleets of varying sizes in their shift towards a net-zero emissions future.
FOR EV's Executive Director, Sales & Innovations Europe, Lindsay Wallace, says, "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."
"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."
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