Legal & General’s early-stage investment arm has bought a 13% stake in UK’s largest electric vehicle charge point operator for an undisclosed sum.
Legal & General Capital, via its future cities business, bought the stake in Pod Point to support the charge point operator’s plan to build electric vehicle stations across the UK.
Pod Point, which provides electric vehicle charging solutions for homes, the workplace and commercial organisations, has already installed more than 60,000 charge points across the UK and Norway.
Through its future cities business, Legal & General looks to make investments that are focused on creating sustainable communities with good employment opportunities and varied housing in a digitally-connected and clean environment.
John Bromley, the 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: “The growth capital provided will enable us to continue developing industry leading electric vehicle charging solutions and increase the range of locations electric vehicle drivers will be able to charge on a Pod Point across Legal and General’s vast real estate and homes portfolio.”