Investors get the chance to back the electric vehicle revolution after Pod Point announced plans to float in London.
The company makes and installs charging stations for electric vehicles both at home and in public places.
The float is a big boost for London as it tries to position itself as a hub for fast-growing battery and tech companies.
London float: Pod Point makes and installs charging stations for electric vehicles both at home and in public places
Pod Point has a network of 13,000 public chargers across the UK, including locations such as Sainsbury’s and Lidl supermarkets.
The company also controls between 50 and 60 percent of the domestic charging market with 89,000 charging stations installed.
Pod Point – which last week recruited Andy Palmer, former chief executive of luxury carmaker Aston Martin, as its senior independent director – said the float was ‘supported by a favorable regulatory and political background’ as the electric car infrastructure market warmed up ahead of Britain’s ban on new incinerators in 2030.
It is already a leap in the sale of electric cars, which will require more charging stations.
“The challenge for Pod Point and other people working in our sector is just that we need to accelerate and accelerate,” said Pod Point CEO and founder Erik Fairbairn.
He founded the company in 2009 and last year sold the company to energy giant EDF for a reported £ 110million. As a result, EDF is the largest owner with 78 percent, while Legal & General has a share of 22 percent.
The energy crisis shows the fragile composition of the energy system, but despite pressure on the grid, Fairbairn believes that the British car industry must go electric.
‘We need to reduce our dependence on fossil fuels. Electric cars are a way, ‘he said. ‘Yes, pods require more electricity, but we need to decarbonize.’