Legal & General Capital has taken a 13% stake in Pod Point, the company powering Tesco and Volkswagen’s plans to set up 2,400 electric vehicle charging bays across 600 Tesco stores.
Through its Future Cities business, Legal & General aims to make investments that are focused on creating sustainable communities with good employment opportunities, high quality and varied housing in a digitally-connected and clean environment. Legal & General said it believes that electric vehicles will be an integral part of delivering that clean environment and transforming the UK’s transport systems.
Legal & General’s investment in Pod Point will support its strategic expansion, accelerating the growth of the business as it continues to build a network of intelligent electric vehicle charging stations across the UK.
John Bromley, 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.
“Our investment in Pod Point anticipates a clean, electric and digital energy future that will be accessible and affordable for all.”
Erik Fairbairn, CEO of Pod Point, commented: “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.”
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