Legal & General buys stake in UK’s Pod Point
British multinational financial services company Legal & General has bought a c.13% stake in EV charging specialist Pod Point in line with its focus on sustainability.
The deal has been made for an undisclosed amount through Legal & General Capital’s Future Cities business, which is focused on areas including urban regeneration, clean energy and infrastructure.
The investment will be used to support Pod Point’s strategic expansion; the business has already installed more than 60,000 charge points across the UK and Norway, and recently announced that it’s tying up with VW and Tesco to fit more than 2,400 charging bays at some 600 Tesco stores over the next three years – said to mark the UK’s largest free charging network while increasing the number of public charging bays in the UK by some 14%.
Commenting on the investment, John Bromley, head of clean energy for Legal & General’s Future Cities business, said: “With an increased number of electric vehicles expected on the road over the next 10-20 years, the availability of home, destination, workplace and public charging points will be vital to support this growth. Our investment in Pod Point provides clear synergies across Legal & General’s businesses, presenting opportunities to install Pod Point electric charging points across our real estate portfolio and in our new homes. Our investment in Pod Point anticipates a clean, electric and digital energy future that will be accessible and affordable for all.”
Erik Fairbairn, CEO of Pod Point, added: “Legal & General’s Future Cities business is a great fit for Pod Point’s own vision, which is for travel that doesn’t damage the Earth. By welcoming Legal & General on board as a shareholder it feels like we’re one step closer to achieving this ambition. The growth capital provided will enable us to continue developing industry-leading EV charging solutions and increase the range of locations EV drivers will be able to charge on a Pod Point across Legal and General’s vast real estate and homes portfolio.”