Pod Point acquired by EDF
Electric vehicle charge-point maker, Pod Point, which raised funds three times on Crowdcube, has been acquired by energy company, EDF.
Pod Point successfully raised GBP3.71 million 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 GBP85 million acquisition of Camden Town Brewery, which had raised on Crowdcube in 2015.
Erik Fairbairn, CEO and Founder, Pod Point, says: “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.
Pod Point’s journey with Crowdcube started in 2015 when Erik inspired over 600 people to back his vision with GBP1.8m. 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, says: "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."
Under the UK government, plans are underway to bring forward a ban on new petrol and diesel car sales from 2040 to 2035. The move is expected to turbo-charge the electric vehicle market. The EDF acquisition is part of the French company’s strategy to become a leading operator in electric transport and to strengthen its commercial EV offering for residential and business customers.
As well as Pod Point and Camden Town Brewery, Europcar's acquisition of E-Car Club was Crowdcube’s first exit. The 2015 sale resulted in multiple returns for E-Car Club investors who backed the company in its campaign in 2013. Since Crowdcube began in 2011, investors have had the opportunity to realise over GBP40m in returns from their investments.