Pod Point, one of the UK’s early pioneers in electric vehicle charging, has been acquired by French energy giant EDF for just £10.3 million, marking a dramatic fall from its £352 million valuation when it floated on the London Stock Exchange in 2021.
The deal, announced alongside full-year results, sees EDF offer 6.5p per share, a 24% premium to the company’s share price before takeover interest became public in April — but a far cry from its 225p IPO price less than four years ago.
EDF, which already owned a 53% stake in Pod Point, will now take full control of the loss-making company. The board of Pod Point said the EDF offer represents “the only realistic prospect” of the business continuing as a going concern.
In results for the year to December 31, 2024, Pod Point reported a 17% fall in revenue to £52.9 million, while pre-tax losses widened to £84.5 million. The company blamed low consumer confidence, cost of living pressures, and persistent challenges with EV infrastructure investment for its financial difficulties.
CEO Melanie Lane admitted 2024 had been “a transitional year” with a “disappointing financial performance,” but maintained there was still “a clear trajectory” towards UK electrification.
Pod Point was among the so-called “Class of 2021” — a wave of tech and green energy firms that floated during the pandemic-fuelled boom, only to see valuations crash in the face of inflation, soaring interest rates, and falling investor appetite for loss-making growth stocks.
Founded in 2009 by Erik Fairbairn, Pod Point had once been seen as a cornerstone of the UK’s EV infrastructure rollout. Fairbairn stepped down in July 2023, handing the reins to Lane as the business sought a fresh strategic direction.
Despite the financial headwinds, the company signed new contracts with major brands including Honda, Bupa, Taylor Wimpey, Roadchef and Rentokil, and extended agreements with BMW and Jaguar Land Rover. It also expanded its device network by 14% to 258,000 chargers, while delivering £6 million in cost savings.
EDF said the acquisition aligns with its long-term EV strategy. Managing director Philippe Commaret said the deal would provide “stability and enhanced operational support”, helping Pod Point serve customers more reliably.
“Electric vehicles offer consumers the chance to save money and carbon,” Commaret added. “Electrification of transport, heat and industrial processes strengthens Britain’s energy security and protects consumers from volatile fossil fuel prices.”
Pod Point has played a key role in supporting UK EV rollout over the past decade, but the acquisition highlights the difficult economics of the EV infrastructure sector, where high capital requirements, slow adoption, and low short-term profitability remain barriers to sustainable growth.
The sale also reflects the ongoing malaise in UK public markets. Pod Point was one of more than 100 companies that listed in London in 2021, but the mood has since soured following Russia’s invasion of Ukraine, surging energy costs, and persistent inflation. The London Stock Exchange has struggled to attract and retain growth companies as global investors turn cautious.
Pod Point’s retreat into private ownership under EDF signals a potential wave of consolidation in the EV charging space, as smaller or early-stage firms seek the stability of large backers to survive a capital-intensive transition to electrified transport.