EDF has splashed out on its largest investment in the electric vehicle market, buying a majority stake in Pod Point.
The acquisition, which is thought to be worth around £110m, gives EDF access to Pod Point's network of electric vehicle (EV) charging infrastructure across Britain and Norway. This takes EDF one step closer to realising its plan to become the leading energy company for EVs in Europe.
The deal has also seen Legal & General Capital up its existing stake in Pod Point from 13 per cent to 23 per cent.
Trade Edf - EDF CFD
Founded in 2009, Pod Point is one of the UK's largest EV infrastructure firms, with 62,000 charge points in the UK and an additional 600 in Norway. The network includes home charge points as well as bays with a number of big brands such as Tesco, Lidl, Sainsbury and Legal & General.
According to EDF this new deal will enable it to team up Pod Point's charge points with its electricity tariff “Go Electric”. This gives customers the chance to lease an electric vehicle while benefitting from lower off-peak electricity rates.
Simone Rossi, UK CEO of EDF, said EVs would be "crucial in reducing the UK's carbon emissions and fighting climate change".
He explained: "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."
Pod Point CEO and founder Erik Fairbairn said the deal marked "an incredibly exciting next chapter" for the company.
"We set out in 2009 with the vision that travel shouldn't damage the Earth and a mission to put a charge point everywhere you park," he said. "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."