Pod Point is to supply, operate and maintained hundreds of EV charging points at Tesco stores. The expansion will be supported with a loan from Triodos Bank UK and funding from Volkswagen.
The debt facility will support installation of EV charge points at 600 Tesco stores. The new points will include 7kW media chargers capable of displaying advertising on a screen, from which customers will be able to charge for free. Some sites will also have 50kW rapid chargers priced in line with market rates.
EDF recently acquired a majority stake in Pod Point, as part of a newly formed joint venture with Legal & General Capital. Pod Point announced its partnership with Tesco and Volkswagen in 2018, creating a new, sponsorship-based business model for EV charging.
Philip Bazin, head of the environment team at Triodos Bank UK, said: “Given our focus on sustainable and responsible finance, it is fundamental to Triodos to support projects, such as charging infrastructure for electric vehicles, which help us transition to a low-carbon, clean future. The transport sector now has the highest greenhouse gas emissions of any industry in the UK, with passenger car road transport accounting for over 50% of these emissions.”
Erik Fairbairn, Pod Point chief executive and founder, said: “We are witnessing a pivotal moment for the UK’s rapidly expanding public charging network. Through our partnership with Tesco and Volkswagen we are rolling out smart, easy-to-use chargepoints at a scale that is going to accelerate EV adoption in ways we haven’t seen before and make it easier than ever for drivers to go electric. In Triodos, we’ve found a bank that shares our vision of a world where travel doesn’t damage the earth and who can help us achieve our mission to put a chargepoint everywhere you park.”