Energy utility EDF acquired a majority stake in UK-based electric vehicle infrastructure provider Pod Point yesterday through a strategic partnership with one of the company’s existing investors, financial services firm Legal & General,
Legal & General will retain a 23% stake in Pod Point. City AM reported the size of the transaction as more than £100m ($130m) without specifying whether the figure represents the amount EDF is paying or the company’s overall valuation in the deal.
Pod Point produces a range of electric vehicle (EV) charging systems, offering wifi-enabled home chargers, app-focused charge points for public use and a charger designed for use at workplaces.
EDF offers customers an EV leasing service that includes reduced tariff on off-peak energy use, and plans to incorporate Pod Point chargers into the product while also looking to expand the business across UK as well as France, Italy and Belgium.
Legal & General had paid an undisclosed amount for a 13% stake in Pod Point in early 2019, through its Future Cities urban infrastructure venture.
John Bromley, head of clean energy for early-stage investment vehicle Legal & General Capital, said: “It has 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.”
The company had previously accumulated $11m in a 2017 round featuring $3.7m in primary funding and a $2.4m secondary investment from Draper Esprit in addition to $670,000 from angel investors, $2.4m in venture debt from Barclays and $1.8m in crowdfunding.
Pod Point’s earlier funding consisted of $4m secured through crowdfunding campaigns on the Seedrs and Crowdcube platforms.
Photo courtesy of Pod Point.
