EDF buys EV charging firm Pod Point

The acquisition is part of a newly formed joint venture with Legal & General Capital

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EDF has bought a majority stake in electric vehicle (EV) charging company Pod Point.

The acquisition is part of a newly formed joint venture with Legal & General Capital – which is buying a 23% stake – and is EDF’s largest investment in the EV market.

Pod Point has rolled out around 62,000 charging points in the UK and a further 6,600 in Norway and offers charging solutions at home, at work and destinations.

EDF says the deal will bring benefits including reduced costs to customers, through the combination of its energy solutions and Pod Point’s chargers in the UK.

The announcement follows EDF Group’s acquisition of Pivot Power last year, which specialises in grid-scale batteries and provides power infrastructure required for rapid EV charging points.

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.”

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