Global finance giant Legal & General (L&G) has bought a share in EV charging supplier Pod Point, representing yet further investment activity in the UK’s electric vehicle space.
Pod Point is to use the investment to ramp up its product development and increase its penetration in the UK charger market, with chief executive Erik Fairbairn stating that it would give the EV charge point operator access to L&G’s real estate and homes portfolio.
L&G, which has made the investment through its Future Cities business, believes that EVs will be integral to delivering a clean environment and “transforming the UK’s transport systems”.
John Bromley, head of clean energy for Legal & General’s Future Cities business, said: “With an increased number of electric vehicles expected on the road over the next 10-20 years, the availability of home, destination, workplace and public charging points will be vital to support this growth.”
“Our investment in Pod Point provides clear synergies across Legal & General’s businesses, presenting opportunities to install Pod Point electric charging points across our real estate portfolio and in our new homes.”
EV registrations were up 19% in 2018 whilst demand for new diesel cars fell 30%, Pod Point says, suggesting that this signals “a shift in public sentiment.”
But this shift appears to not only be in public sentiment. Earlier today, Current± reported that Good Energy has taken a 12.9% stake in the parent company of EV charging app Zap-Map.
There is also government interest in EV charging, with HM Treasury’s Charging Infrastructure Investment Fund (CIIF) having recently appointed Zouk Capital as its preferred bidder last month.