EDF acquires electric vehicle startup Pod Point

Electric vehicle charge-point maker, Pod Point, which raised funds three times on Crowdcube, has announced it has been acquired by energy company, EDF.

Pod Point successfully raised £3.71m with Crowdcube in 2015, 2016 and 2017, with its vision of a world where travel doesn’t damage the earth 1,428 people were inspired to invest.

The sale to EDF tops AB InBev’s £85m acquisition of Camden Town Brewery, which had raised on Crowdcube in 2015.

Erik Fairbairn, CEO and Founder, 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.”

Erik founded Pod Point in 2009 in the aftermath of the 2008 financial crisis. Seeing the potential of electric vehicles, Erik set himself a goal of wiring up the UK with charge-points to facilitate the switch from internal combustion engines to electric vehicles.

Today 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.

Pod Point also has 6,600 charge-points in Norway, which has pledged to go carbon neutral by 2030. Through a network of home, work and public bays Pod Point has provided more than 158,000,000 miles of electric driving.

Luke Lang, co-founder and CMO, 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.”