Legal & General Capital has taken a circa 13 percent stake in Pod Point, one of the United Kingdom’s largest electric vehicle charge point operators.
Through its Future Cities business, Legal & General looks 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 believes that electric vehicles will be an integral part of delivering that clean environment and transforming the U.K.’s transport systems.
There are around 32 million cars on the road in the United Kingdom, of which plug-in cars account for around 195,000, which is just 0.6 percent. This figure is expected to rise sharply over the next decade. In 2018, while demand for new diesel vehicles fell by 30 percent, new battery electric and plug-in hybrid electric registrations were up 19 percent, signaling a shift in public sentiment. Estimates suggest that by 2030 there could be up to 11 million electric vehicles on the road and up to 36 million by 2040.
As the demand for electric vehicles continues to increase, so does the need for affordable, easy-to-use and easy-to-access charging infrastructure. Pod Point is one of the U.K.’s leading companies in providing electric vehicle charging solutions for homes, the workplace and commercial organizations, with a focus on delivering strong customer satisfaction. Pod Point has already installed more than 60,000 charge points across the United Kingdom and Norway, and recently announced one of the largest destination charging partnerships to date in Europe. Legal & General’s investment in Pod Point will support its strategic expansion, accelerating the growth of the business as it continues to help U.K. drivers adopt clean transportation by building a network of intelligent electric vehicle charging stations across the United Kingdom.
