EDF mulling acquisition of Pod Point

French energy group EDF is reportedly in talks to acquire electric vehicle charging developer Pod Point in an attempt to broaden the company’s reach in the market.

Although Pod Point declined to comment directly on the report, the company acknowledged that such a move would be in line with its expansion plans.

“We don’t comment on specific rumours, however, Pod Point regularly explores different ways to finance its expansion and fund its national network of charging points,” Pod Point CEO and Founder Erik Fairbairn commented in a statement given to inspiratia.

Examples of this include Pod Point’s current national rollout of charging points across Tesco stores and the company’s recent fundraising with Legal and General which was completed in March of this year [2019].

“We’re obviously very excited about the accelerating adoption of electric vehicles in the UK and committed to our vision for travel that doesn’t damage the Earth,” Fairbairn continued.

EDF declined to comment on the report.

Shareholders

If EDF is planning to take a controlling stake in the company, then it would have to buy out several smaller shareholders in Pod Point including QVentures and Draper Esprit and would have to contend with Legal and General Capital, which owns a 13% stake in Pod Point via its Future Cities business.

Pod Point is the biggest home charging provider in the UK with a market share of more than 40%.

It has installed more than 60,000 charging points across the UK and Norway and earlier in the year announced one of the largest destination charging partnerships in Europe to date, joining forces with Tesco and Volkswagen to install 2,400 charging bays at 600 Tesco Extra stores.

EDF, like BP which bought the UK’s Chargemaster, and several other energy companies, has been making inroads into the EV charging market.

In June 2018, the company concluded a deal with Nuuve to develop vehicle-to-grid chargers and earlier this year EDF signed a deal with NEoT capital to advance the roll-out of UK EV charging infrastructure.