Pod Point, one of the early pioneers in electric vehicle charging in the UK, has been acquired by French energy giant EDF for £100.3 million, marking a sharp drop in its valuation when it took office on the London Stock Exchange in 2021.
The deal, along with full-year results, announced that EDF’s price per share was 6.5p, with the company’s share price 24% premium to the company’s share price before the April acquisition interest was released — but far from the 225p IPO price four years ago.
EDF already owns 53% of POD Point and will now have full control over the loss company. The Pod Point board said the EDF offer represents the “only realistic prospect” of the business, which is a question of ongoing concern.
In the year ended December 31, 2024, POD Point reported revenues fell 17 per cent to £52.9 million, while pre-tax losses expanded to £84.5 million. The company attributes the financial difficulties brought about by investment in EV infrastructure to low confidence, stress in life and ongoing challenges in consumers.
CEO Melanie Lane acknowledged that 2024 was a “transition year” and its financial performance was disappointing, but insisted that there is still a “clear trajectory” for electrification in the UK.
POD Point is one of the so-called “Grade 2021,” a wave of technology and green energy companies floating in a boom of popular fanaticism, but sees valuations on inflation, soaring interest rates and falling investor interest in stocks with losses.
Founded by Erik Fairbairn in 2009, Pod Point was once regarded as the cornerstone of the promotion of EV infrastructure in the UK. Fairbairn resigned in July 2023 and handed the re-rope to Lane as the business seeks a new strategic direction.
Despite financial headwinds, the company has signed new contracts with major brands such as Honda, Bupa, Taylor Wimpey, Roadchef and Rentokil, and has expanded agreements with BMW and Jaguar Land Rover. It also expanded its device network by 14% to 258,000 chargers while saving £6 million in cost.
EDF said the acquisition is consistent with its long-term EV strategy. Managing Director Philippe Commaret said the deal will provide “stable and enhanced operational support” to help POD Point serve customers more reliably.
“Electric vehicles provide consumers with opportunities to save money and carbon,” Commaret added. “The electrification of transport, heating and industrial processes enhances energy security in the UK and protects consumers from volatile fossil fuel prices.”
Over the past decade, POD Point has played a key role in supporting UK EV promotion, but the acquisition highlights the tough economics of the EV infrastructure sector, in which high capital requirements, slow adoption and low short-term profitability remain barriers to sustainable growth.
The sale also reflects ongoing discomfort in the UK public market. Pod Point is one of more than 100 companies listed in London in 2021, but the mood has since deteriorated after Russia invaded Ukraine, soaring energy costs and sustained inflation. The London Stock Exchange has been working to attract and retain growth companies as global investors become cautious.
Under the EDF, Pod Point retreats to private alliances, potential waves of mergers in the EV charging space as smaller or early-stage companies seek the stability of large backers to survive capital-intensive transport transitions to electrified transport.
