February 14 (Renewables Now) - French utility EDF (EPA:EDF) on Thursday announced the purchase of a majority stake in Pod Point, a UK-based provider of charging infrastructure for electric vehicles (EV).
The deal is part of a move to form a joint venture with investment firm Legal & General Capital, which acquired a 13% stake in Pod Point in March 2019 and has now raised its holding to 23%.
Crowdfunding platform Crowdcube, through which Pod Point has raised funds three times since it was founded in 2009, said the deal marks the biggest exit valuation for a company it has supported, higher in value than the acquisition of Camden Town Brewery for which AB InBev paid GBP-85-million (USD 111m/EUR 102m).
For EDF, this is the biggest investment in the EV market. It aligns with its plan to become the biggest provider of electric mobility in France, the UK, Italy and Belgium. Pod Point has 62,000 charging points across the UK and 6,600 in Norway.
The deal with EDF means that Pod Point can step up its roll-out of EV charging points across the UK, Pod Point CEO Erik Fairbairn noted.
(GBP 1.0 = USD 1.303/EUR 1.202)