The Scottish National Investment Bank has announced it will invest £2 million in electric vehicle charging firm, Forev.

According to the bank, the investment boost will support the firm in its efforts to create a network of more than 1,700 electric vehicle charging points across Scotland.

In particular, the company will focus on much needed public ‘destination’ charging points, which allow drivers to charge their vehicles away from home.

Commenting on the announcement, SNIB chief executive Eilidh Mactaggart said: “The decarbonisation of transport is a significant challenge and one which is critical in the transition to net zero.

“Forev’s roll-out strategy has the potential to have a significant positive impact on the uptake of electric vehicles in Scotland, specifically by providing more charging options for EV drivers who do not have the ability to charge at home and drivers on the move.”

Mactaggart added: “It is an exciting and crucial time for the Bank to be supporting Forev, at the beginning of this journey, and we look forward to seeing the progress of the network over the coming years.”

The investment will allow Forev to continue with phase one of its infrastructure roll-out which will see the company begin to scale its charging network.

Founded in 2018, Forev already boasts a “robust pipeline” of charging locations throughout Scotland.

Aligning with the bank’s mission to support Scotland’s progress to net zero, the investment also seeks to create more equitable access to the benefits of electric vehicles across Scottish communities.

The decarbonisation of transport is one of the most significant – and challenging – factors in the transition to net zero.

While incentives are currently in place to encourage consumers to swap to electric vehicles, access to charging points – both at home and while on the move – remains a key barrier to the widespread adoption required to have a significant impact on emissions.

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Lindsay Wallace, Founder and CEO of Forev, said: “I would like to welcome the Scottish National Investment Bank into the Forev family.

“We are tremendously excited about working with the Bank as we build out our sustainable EV charging network. Without their backing and support we would not be able to achieve our ambition of installing over 1,700 futureproof fast and rapid charge points throughout Scotland over the next five years.

“I would especially like to thank Burness Paull for their incredible belief in Forev and for their assistance with securing this partnership.”