Scotland’s FOR EV raises €11.8M, opens new charging hub at Loch Ryan Ferry Port

Edinburgh-based FOR EV, a private electric charge point operator, has secured £10M (approximately €11.86M) follow-on investment from the Scottish National Investment Bank. 

This includes an initial £2M in 2021, followed by £10M the subsequent year, and now an additional £10M commitment.

Founded in 2017 by Lindsay Wallace, FOR EV owns, installs, and runs easy-to-use electric vehicle (EV) charging points throughout the UK. The company’s charging points offer fully accredited renewable green energy, helping partners enhance their environmental sustainability.

New charging hub at Loch Ryan ferry port, Cairnryan

This new hub, a result of a public-private joint venture, will cater to Stena Line’s 1.3 million annual customers, offering rapid electric vehicle charging. 

With the capacity to charge eight vehicles simultaneously and provide approximately 320 charging sessions daily, the hub marks an advancement in sustainable transportation infrastructure.

South of Scotland Enterprise (SOSE) invested £170K in the new charging facility at Loch Ryan port, part of the Cairnryan-Belfast route, benefiting local EV drivers and Police Scotland.

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.”

In addition to catering to Stena Line’s customers, the new hub will also benefit the local electric vehicle (EV) driver community, thereby enhancing the area’s charging infrastructure.

Furthermore, two additional charge points have been installed specifically for use by Police Scotland.

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.”

Capital utilisation

The funding will support FOR EV’s plans to establish high-quality, accessible electric vehicle charging hubs across the UK. 

Additionally, the funds will facilitate the expansion of the company’s fleet proposition, which provides tailored solutions for fleets of all sizes, easing their transition to a net-zero 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.”