EDF has acquired Pod Point
Posted February 13, 2020 by Roseanne
We're thrilled to announce that EDF have acquired a majority stake in Pod Point, as part of a newly-formed joint venture with Legal & General Capital.
- The acquisition will help us achieve our vision of a world where travel doesn't damage the earth.
- By joining up with EDF we can accelerate our roll-out of charging infrastructure, making it even easier for UK drivers to go electric.
- Pod Point’s charging solutions will become part of EDF’s market-leading EV offers in the UK.
- Legal & General will take a c.23% stake in EDF’s newly-formed joint venture.
Pod Point will be EDF Group’s biggest EV investment and the acquisition forms part of its plan to become the leading energy company for electric mobility in the UK, France, Italy and Belgium.
Erik Fairbairn, Pod Point CEO & Founder: “This is an incredibly exciting next chapter for Pod Point. We set out in 2009 with the vision that travel shouldn’t damage the earth and a mission to put a charge point everywhere you park. So far, we have made great progress towards those goals.
“By joining up with EDF we can take things to the next level and accelerate our national roll out of charging points and make it even easier for drivers across the UK to go electric. I’m immensely proud of what the Pod Point team has already achieved but think it is only a fraction of what we will now be able to do with EDF. We just took a big step forward in being able to deliver against our mission!”
EDF already offers one of the most competitive low-carbon electric vehicle tariffs, “Go Electric”, which gives people the chance to lease an electric vehicle while getting lower off-peak electricity rates. With the acquisition of Pod Point, they'll be able to provide Pod Point charging solutions to make their EV deals even more attractive.
Transport has the highest carbon emissions of any industry and, last week, the British Government launched a consultation to bring forward the end date for the sale of petrol and diesel vehicles.
EDF data suggests that a low carbon grid, featuring new renewables and nuclear, and switching the 32million petrol and diesel cars on UK roads to electric, would avoid 65million tonnes of CO2, and shrink Britain’s overall carbon footprint by more than 10 per cent.
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.”
Yannick Duport, Electric Mobility Director at EDF Group said: “This new 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.”
John Bromley, Head of Clean Energy at Legal & General Capital said: “It’s been just over a year since we made our investment in Pod Point. 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. Today we have increased our stake from 13% to 23%, creating value for our shareholders and forming a landmark partnership with EDF.
“Pod Point is delivering practical, innovative solutions and strategies for EV roll-out 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.”
Who are EDF?
EDF in the UK is part of EDF Group, the world’s biggest electricity generator. In the UK, the company employs around 13,000 people at locations across England and Scotland.
EDF is leading the transition to a cleaner, low emission electric future, tackling climate change and helping Britain reach net zero. It is the UK’s largest producer of low-carbon electricity, meeting around one-fifth of the country’s demand and supplying millions of customers with electricity and gas.
Why are EDF acquiring a majority stake in Pod Point alongside Legal & General?
EDF already offers one of the market’s most competitive low-carbon electric vehicle tariffs. “Go Electric” gives customers the chance to lease an electric vehicle while benefitting from lower off-peak electricity rates. The acquisition of Pod Point will allow EDF to offer quality installations of charging solutions as part of even more attractive EV deals.
Legal & General Capital’s purpose is to generate long-term shareholder value by investing new capital into key alternative sectors of the economy that need innovation and funding. With an urgent need to reduce pollution and respond to climate commitments 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.
How will this affect Pod Point?
By joining up with EDF, Pod Point can take things to the next level and accelerate our national rollout of charging points and make it even easier for drivers across the UK to go electric.
What sustainability initiatives are EDF involved in?
EDF invests in a range of low carbon technologies including renewables, solar and battery storage. The company’s largest offshore wind farm is currently being built in Scotland and the 450 MW Neart na Gaoithe project will be ready in 2023. It is applying research and development expertise to improve the performance of existing generation and developing the potential of new technologies.