The EDF Group acquires Pod Point, one of the UK's largest electric vehicle charging companies
EDF in the UK has indirectly taken the control of Pod Point, one of the largest electric vehicle (EV) charging companies in Great-Britain. This acquisition is performed through a joint venture with Legal & General Capital (“Legal & General”) which will take a stake of around 23% in Pod Point alongside EDF. The acquisition of Pod Point is EDF Group's largest investment in the EV market and forms part of its plan to become the leading energy company for electric mobility in France, the UK, Italy and Belgium.
Founded in 2009 by CEO and entrepreneur Erik Fairbairn and Chairman Peter Hiscocks, Pod Point is a leading provider of charging infrastructure for EVs and operates 62,000 charging points in the UK and a further 6,600 in Norway. It offers charging solutions at home, at work and at destination and has developed an extensive public network connecting EV drivers with almost 3,000 charging bays across the UK, including at Tesco and Lidl shops, Center Parcs and a number of sites across Legal & General's extensive property portfolio.
Its charging points are compatible with all plug-in vehicles and the combination of Pod Point solutions and EDF's offers will in future mean customers will be able to schedule their charging and benefit from competitive electricity at times when energy costs are lower and there is less demand on the grid.
Today's announcement follows EDF Group's acquisition of Pivot Power last year, which specialises in grid-scale batteries and provides high voltage power infrastructure required for rapid EV charge points.
Legal & General Capital's purpose is to generate long-term shareholder value by injecting new capital into key alternative sectors of the economy that need innovation and funding. With an urgent need to improve and invest in UK cities, for institutions with significant capital to invest in socially useful assets, there are huge opportunities. Legal & General's Future Cities business is committed to delivering this change, through urban regeneration, clean energy, infrastructure and technology.
Marc Benayoun, Group Senior Executive Vice President in charge of Customers, Services and Regional Action, stated: "Having to charge electric cars may still be putting the brake on the development of electric mobility. The acquisition of Pod Point will pave the way for the EDF Group to effectively support its customers and European partners in this new way of using electricity. In accordance with targets set out in the Electric Mobility Plan launched by EDF two years ago, the Group is today stepping up its commitment to help corporate and residential customers develop clean and accessible mobility at a European scale.”
Yannick Duport, Electric Mobility Director at EDF Group said: “This acquisition is perfectly in line with the EDF Group’s Electric Mobility Plan launched in 2018. It fulfils our ambition to be the energy leader in Europe. Pod Point, a major player of charging solutions in the UK, will play a leading role alongside our subsidiaries IZIVIA and DREEV. We are pleased to welcome these new skills to our Group.”
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