EDF has confirmed its long-rumored acquisition of electric vehicle (EV) charging company Pod Point, in a move that sees it cement its position in the UK EV space.
The energy supplier has purchased the charging company together with Legal and General, which is taking a c.23% stake in EDF’s newly-formed joint venture. This follows the finance giant purchasing a share in Pod Point last March.
EDF says that the acquisition will bring benefits including reduced costs to customers, through the combination of EDF’s energy solutions and Pod Point’s 62,000 chargers in the UK currently.
The acquisition follows its purchase of battery storage and EV charging infrastructure firm Pivot Power last November as it seeks to grow in the EV space, both in the UK and Europe.
Simone Rossi, UK CEO of EDF said EVs will be “crucial” to reducing 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.”
Erik Fairbairn, Pod Point CEO & founder said that this was an “incredibly exciting next chapter” for the company.
“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.”
It was first suggested that EDF was looking to acquire Pod Point last November.
EDF has been increasingly present in the EV sector, including launching an EV tariff “Go Electric” that allows customers to lease an EV and benefit from lower off-peak electricity rates it says.
Additionally, it has already formed a number of partnerships with EV charging companies, such as being chosen by ubitricity to power its UK-wide EV charging network. It has also signed a deal with Royal Mail for the provision of EV chargers to help it meet its electrification commitments.
Since it was established a little over a decade ago, Pod Point has grown to become one of the UK’s largest EV charging companies, with almost 3,000 charging bays across the UK, including at supermarkets like Tesco and Lidl.
Recently, the company signed a two-year deal with car manufacturer Groupe PSA’s, to be its sole EV charging provider.
