Legal & General Capital have announced that it has taken a 13% stake in Pod Point, one of the UK’s largest electric vehicle charge point operators.
Through its Future Cities business, Legal & General looks to make investments that are focused on creating sustainable communities with good employment opportunities, high quality and varied housing in a digitally-connected and clean environment. Legal & General believes that electric vehicles will be an integral part of delivering that clean environment and transforming the UK’s transport systems.
There are around 32 million cars on the road in the UK, of which plug-in cars account for around 195,000, this is just 0.6%. This figure is expected to rise sharply over the next decade. In 2018, whilst demand for new diesel vehicles fell by 30%, new battery electric and plug-in hybrid electric registrations were up 19% signalling a shift in public sentiment. Estimates suggest that by 2030 there could be up to 11 million electric vehicles on the road and up to 36 million by 2040.
As the demand for electric vehicles continues to increase, so does the need for affordable, easy-to-use and easy-to-access charging infrastructure.
Pod Point provide electric vehicle charging solutions for homes, the workplace and commercial organisations. Pod Point has already installed more than 60,000 charge points across the UK and Norway, and recently announced one of the largest destination charging partnerships to date in Europe.
Legal & General’s investment in Pod Point will support their strategic expansion, accelerating the growth of the business as it continues to help UK drivers adopt clean transportation by building a network of intelligent electric vehicle charging stations across the UK.
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.
Erik Fairbairn, CEO of Pod Point said: “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.”