EDF's acquisition of Pod Point breaks record
Electric vehicle charge-point maker Pod Point has been acquired by energy company EDF.
It is a record ‘exit’ for a company which previously raised money on crowdfunding platform Crowdcube.
The sale tops AB InBev’s £85m acquisition of Camden Town Brewery, which had raised on Crowdcube in 2015.
Pod Point successfully raised £3.71m with Crowdcube in 2015, 2016 and 2017.
Erik Fairbairn, CEO and Founder of Pod Point, said: “Crowdcube has been vital in fuelling Pod Point’s growth. Without that initial investment in 2015, where we had the backing from our core community via Crowdcube, it would have been impossible to leap to the next stage of scaling our business.
“Our shareholders believed in our vision that travel shouldn’t exacerbate carbon emissions and I’m delighted we can repay them with a return on their investment.”
Pod Point has rolled out over 62,000 charge-points in the UK and helped put EVs firmly in the public and political spotlight.
Drivers of any electric vehicle, including Tesla, BMW, VW, Nissan, Volvo and Hyundai, can charge their batteries at housing developments, leisure sites and supermarkets, including Center Parcs, Tesco and Lidl.
Luke Lang, co-founder and CMO at Crowdcube, said: "We're on the verge of an electric car revolution and Pod Point has been instrumental in building the UK’s charging infrastructure.
“Erik's ambitious vision, passion and determination to make the world a cleaner place has inspired hundreds of people to invest in Pod Point over the years via Crowdcube.
“I’m delighted for Pod Point and its shareholders, who will receive a healthy return from their investment following the sale to EDF."
Under the UK government, plans are underway to bring forward a ban on new petrol and diesel car sales from 2040 to 2035.
The EDF acquisition is part of the French company’s strategy to become a leading operator in electric transport and to strengthen its commercial EV offering for residential and business customers.