Legal & General Capital has taken a 13% stake in charge point operator Pod Point.
Legal & General says electric vehicles “will be an integral part of delivering that clean environment and transforming the UK’s transport systems”. Estimates suggest that by 2030 there could be up to 11 million electric vehicles on the road and up to 36 million by 2040.
Pod Point has already installed more than 60,000 charge points across the UK and Norway, and Legal & General’s investment in Pod Point will support their strategic expansion.
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.”
Erik Fairbairn, CEO of Pod Point said: “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.”