EDF acquires electric vehicle charging firm Pod Point

The acquisition is part of a newly formed joint venture with Legal & General Capital

Net Hero Podcast

Featured Video Play Icon

EDF has bought a majority stake in electric vehicle (EV) charging company Pod Point as part of a newly formed joint venture with Legal and General Capital.

The acquisition aims to deliver the EV infrastructure the UK needs to realise its ultra-low emission targets and support the government’s plan to bring forward the ban on the sale of new petrol and diesel vehicles to 2035.

Pod Point has rolled out 62,000 charging points in the UK and a further 6,600 in Norway and offers charging solutions at home, work and various destinations.

EDF says the deal will bring benefits including reduced costs to customers, through the combination of its energy solutions and Pod Point’s chargers in the UK.

The announcement follows EDF Group’s acquisition of Pivot Power last year, which specialises in grid-scale batteries and provides power infrastructure required for rapid EV charging points.

Simone Rossi, UK CEO of EDF said: “Electric vehicles will be crucial in reducing the UK’s carbon emissions and fighting climate change. With the addition of charge points, we can help our customers to reduce their carbon footprints and benefit from lower fuel costs by going electric. The additional electricity demand from EVs will require urgent investment in low carbon generation from renewables and nuclear.”

Legal and General Capital is increasing its stake from 13% to 23% in Pod Point

John Bromley, Head of Clean Energy at Legal & General Capital added: “By investing our capital in clean energy assets, businesses and technologies, we can accelerate the progress to a low cost, low carbon economy. Our capital has enabled Pod Point to make substantial progress and execute its growth strategy over the last 12 months.

“Pod Point is delivering practical, innovative solutions and strategies for EV rollout to support the UK’s ambition to reach net zero emissions and our new partner will enable the business to accelerate its plans. With COP26 taking place in Glasgow later this year, this is an important year for action on climate change and we are delighted to be part of the solution.”