EDF advances electric mobility plans with Pod Point acquisition
EDF has acquired a majority stake in Pod Point as part of a newly formed joint venture with Legal & General Capital.
The acquisition forms part of EDF’s plans to become the leading energy company for electric mobility in France, the UK, Italy and Belgium; plans that saw it acquire battery storage and EV charging specialist Pivot Power three months ago. EDF also launched its Go Electric tariff in June 2019, offering lower off-peak electricity rates along with the option to purchase an at-home charger and lease an EV.
The acquisition of Pod Point – which offers a range of charging solutions and marks EDF Group’s largest investment in the EV market – will build on this further, enabling EDF to offer installations of charging solutions as part of EV deals also designed to reduce grid demand.
EDF data suggests that a low carbon grid, featuring new renewables and nuclear, and switching the 32 million petrol and diesel cars on UK roads to electric, would avoid 65 million tonnes of CO2, and shrink Britain’s overall carbon footprint by more than 10%.
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.”
Erik Fairbairn, Pod Point CEO and founder, added: “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!”
Pod Point will join EDF’s existing subsidiaries, including Dreev, which was set up in May 2019 as a joint venture between EDF Pulse Croissance and Californian start-up Nuvve to explore vehicle-to-grid solutions, and Izivia, which is a wholly owned subsidiary of the EDF Group specialising in charging infrastructure.
The acquisition of Pod Point will also see Legal & General, which held a 13% in Pod Point, increase its share to 23% via EDF’s newly formed joint venture. The move fits in with its plans to invest new capital into key alternative sectors of the economy that need innovation and funding.
John Bromley, head of clean energy at Legal & General Capital, said: “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.”