French-owned energy giant’s takeover bid proves successful as it acquires majority stake in one of UK’s largest EV charge point firms
EDF has snapped up a majority stake in electric vehicle (EV) charging specialist Pod Point, marking the French energy giant’s largest investment in the EV market to date, it announced today.
Confirming BusinessGreen reports last week that it had made an approach for Pod Point, EDF today said it had finalised the deal to acquire a majority stake in the UK company for an undisclosed fee, although the sum is thought to be worth in the region of £110m.
The acquisition forms part of EDF Group’s plan to become the leading energy company for electric mobility in the UK, France, Italy, and Belgium, and means it now has access to Pod Point’s network of EV charging infrastructure across the UK and Norway.
The deal has also seen Legal & General Capital up its existing stake in Pod Point from 13 per cent to 23 per cent, although EDF now holds the controlling majority stake.
Founded in 2009, Pod Point has grown to become one of the UK’s largest EV infrastructure firms, having rolled out 62,000 charge points in the UK and a further 6,600 in Norway. The network includes home charge points as well as larger corporate bays for firms such as Tesco, Lidl, and Legal & General.
EDF said the acquisition would enable it to team up Pod Point’s charge points with its electricity tariff ‘Go Electric’, which is specifically tailored to enable customers to lease