The investment arm of insurer Legal & General has taken a 13 per cent stake in UK electric vehicle charge point operator Pod Point.
Through its Future Cities business, Legal & General will support Pod Point’s strategic expansion.
“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,” said John Bromley, Head of Clean Energy for Future Cities.
“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. Our investment in Pod Point anticipates a clean, electric and digital energy future that will be accessible and affordable for all.”
Pod Point has installed more than 60,000 charge points across the UK and Norway. Its chief executive Erik Fairbairn 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.”