The Fast-growing Electric Mobility Market
EDF Energy, one of the biggest integrated energy companies in the United Kingdom has recently acquired Pod Point, an electric energy car charging network provider. Through this acquisition, EDF aims to secure a leading position in the growing electric mobility market. According to Pod Point, there are 32 million petrol and diesel cars on the road in the UK and a switch to electric vehicles could save about 65 million tonnes from being emitted.
Pod Point has announced a joint venture with Legal and General Capital and announcement of this acquisition comes after the UK Government’s policy of banning all new sales of internal combustion engine (ICE) cars by five years to 2035. This deal will complement the electric vehicle initiatives by EDF, which is one of the “Big Six” energy providers in the UK and largest electricity provider by volume.
Reducing Carbon Emissions and Fighting Climate Change
The Legal and General Capital will raise its current stake in Pod Point from 13 per cent to 23 per cent as part of this joint venture. “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,” said Simone Rossi, UK CEO of EDF.
This new acquisition is perfectly in line with EDF Group’s Electric Mobility Plan launched in 2018. Alongside EDF’s subsidiaries IZIVIA and DREEV, Pod Point will play a leading role. “It’s 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 of the economy,” said John Bromley, Head of clean energy at Legal and General Capital.
A New Chapter for Pod Point
“This is an exciting new chapter for Pod Point. 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. So far, we have made great progress towards those goals,” said Erik Fairbairn, Founder of Pod Point. “By joining with EDF, we can take things to the next level and accelerate our national roll out of charging points and make it easier for drivers across UK to go electric. I am immensely proud of what the Pod Point team has already achieved but think it is only fraction of what we will now be able to do with EDF,” he further added.