Edinburgh-based FOR EV, a private electric vehicle (EV) charge point operator, has secured a €11.8 million (£10 million) follow-on investment from the Scottish National Investment Bank. This follows an initial £2 million investment in 2021 and another £10 million commitment in the subsequent year.
The new investment will support the opening of a charging hub at Loch Ryan ferry port in Cairnryan. This public-private joint venture will cater to Stena Line’s 1.3 million annual customers, offering rapid EV charging facilities. The hub will charge up to eight vehicles simultaneously, providing approximately 320 charging sessions daily.
South of Scotland Enterprise (SOSE) has also invested £170,000 in the new charging facility at Loch Ryan port, benefiting local EV drivers and Police Scotland.
Martin Valenti, Director of Net Zero, Nature, and Entrepreneurship at SOSE, commented, “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 boost 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 reaching Net Zero by 2045.”
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Enhanced Local EV Infrastructure
In addition to serving Stena Line customers, the new hub will enhance the local EV charging infrastructure. Two additional charge points have been installed specifically for use by Police Scotland.
Andy Clapp, Executive Director at the Scottish National Investment Bank, highlighted the importance of charging infrastructure for Scotland’s net zero transition. “The provision of sufficient charging points is essential. We are pleased to back FOR EV’s ambitious plans, which align with the Bank’s mission to help deliver a net zero Scotland.”
Future Expansion Plans
The funding will also support FOR EV’s plans to establish high-quality, accessible EV charging hubs across the UK. Additionally, the funds will facilitate the expansion of the company’s fleet proposition, providing tailored solutions for fleets of all sizes to ease their transition to a net-zero future.
Lindsay Wallace, Executive Director, Sales & Innovations Europe at FOR EV, stated, “Our newest hub will future-proof Stena Line’s Loch Ryan Port and provide local people, who have until now suffered from a lack of EV charging infrastructure, with improved access to high-quality charging facilities. The €11.8 million follow-on investment from the Bank will support our plans to improve EV infrastructure across the country.”
“With this investment, we hope to explore other prospective charging sites with SOSE to develop 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.”
This substantial investment will enable FOR EV to drive significant advancements in the UK’s EV charging infrastructure, contributing to a sustainable future.
