Legal & General has acquired a 13 per cent stake in electric vehicle charge point operator Pod Point.
The EV charging firm recently struck a major deal with Tesco to install 2,400 charging bays in car parks at around 600 UK stores. Pod Point has 60,000 charging points in the UK and Norway, one of the most advanced EV markets.
John Bromley, head of clean energy for Legal & General’s Future Cities business, said the investment has “clear synergies” for the business as it plans to install charging points across its own estate and new homes portfolio.
“Our investment in Pod Point anticipates a clean, electric and digital energy future that will be accessible and affordable for all,” he suggested.
Pod Point CEO, Erik Fairbarn, 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.”
He said the company would use the money to keep growing its footprint and improving its technology.
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