EDF Secures Full Ownership of Pod Point with £10.6 Million Acquisition

Image Credit: EDF Energy

Electric vehicle charging firm Pod Point is set to be fully acquired by energy giant EDF in a £10.6 million deal, following a turbulent period marked by weak EV sales and a dramatic collapse in share price. The acquisition, according to EDF, is the only viable path forward to keep Pod Point operational. EDF already owns 53% of the company. This move would give it complete control.

The situation at Pod Point has been steadily deteriorating. Earlier this year, the company publicly acknowledged the challenging environment it was navigating. Despite growing interest in clean mobility, actual uptake of electric vehicles in the UK has lagged expectations. Last year, battery electric vehicles accounted for just under 20% of new car registrations.

This comes even as the UK government’s Zero Emission Vehicle mandate has kicked in, pushing manufacturers to ensure that at least 22% of their vehicle sales are fully electric. In theory, such a mandate should create tailwinds for companies like Pod Point. In practice, though, those tailwinds have been far weaker than expected.

Pod Point operates one of the largest charging networks in the UK, with over 250,000 charging points deployed across homes, workplaces, and public spaces. Still, the scale has not translated into profitability.

Increased competition, hesitant consumer adoption, and rising costs have all combined to create what the company calls an “unsustainable business model” in its current form. It has struggled to generate consistent profits and has become heavily reliant on EDF for financial support.

EDF acknowledged this dependency. In a statement, it said the acquisition would deliver long-term stability and provide the foundation for future investment in charging infrastructure, an area EDF believes will remain strategically crucial despite near-term market volatility.

The offer values Pod Point shares at just 6.5 pence each. That’s a far cry from the company’s valuation back in 2021 when it floated on the London Stock Exchange at around £350 million. Back then, investor optimism was high, and shares reached a peak of 275 pence. Since then, reality has set in.

This past April, Pod Point suspended trading of its shares after EDF made its approach, citing the pending takeover as the reason for delaying the release of its full-year results. The acquisition still requires approval from the remaining shareholders. Still, EDF’s majority stake gives it a clear path to securing the deal.