Pod Point acquired by EDF in £10m deal

EDF, the French energy giant, has secured the acquisition of Pod Point, the electric vehicle (EV) charging company, for a £10 million cash offer. This marks a significant moment for the business, which was floated on the London Stock Exchange in 2021 with a valuation of £345 million. The deal represents a 24 per cent premium to the company’s share price as of April 23, the day before interest from EDF in a takeover was disclosed.

Pod Point, founded in 2009 by Erik Fairbairn, was one of the “Class of 2021,” a cohort of technology companies that went public during the pandemic. While the initial valuation was lauded, the company has since struggled to maintain its momentum amidst broader challenges within the EV sector. Fairbairn stepped down as CEO in 2023, handing the reins to new leadership as the company sought to stabilise its position in a fast-evolving market.

Alongside the announcement of the deal, Pod Point reported a 17 per cent decline in revenue for 2024, with total earnings dropping to £52.9 million and losses widening to £84.5 million. The company attributed much of this downturn to subdued consumer confidence, cost-of-living pressures, and the ongoing challenges related to building EV charging infrastructure. Chief Executive Melanie Lane acknowledged these obstacles but reaffirmed the company’s belief in the ongoing electrification of the UK economy.

EDF, which already held a 53 per cent stake in Pod Point, emphasised the strategic rationale for the acquisition. Philippe Commaret, Managing Director of EDF, stated that the deal offers stability and operational support for Pod Point while reinforcing EDF’s commitment to expanding its EV charging solutions. He highlighted that the electrification of transport is critical for reducing carbon emissions, boosting energy security, and protecting consumers from volatile fossil fuel prices.

As part of its growth strategy, Pod Point delivered notable achievements in 2024, including a 14 per cent expansion of its device network to 258,000 chargers. The company also secured new contracts with notable firms such as Honda, Bupa, and Taylor Wimpey, as well as extended agreements with BMW and Jaguar Land Rover.

Despite its financial challenges, Pod Point remains a pivotal player in the UK’s EV infrastructure landscape. EDF’s acquisition is expected to provide the resources and oversight necessary to enhance its financial performance and navigate the rapid transition to electric transport.