Electric vehicle charging network Pod Point has confirmed that it plans to list shares on the London stock market as it hopes to raise £120 million of growth funding from investors.

Pod Point is the largest supplier of charging points to UK homes, having sold more than 100,000 to private users. It also runs a network of around 4,000 community and business use charging bays in Britain and across Norway. The company is a competitor to Chargemaster, the electric vehicle charging business owned by BP (BP.).

The final offer price will be set via a book-building process and share trading is expected to start in early November.

FRENCH ENERGY BACKING

Pod Point was started in 2009 by mechanical engineer Erik Fairbairn, who began his career at Ford. It is majority-owned by French utility EDF, which is expected to retain a stake worth more than 50% even after selling around 10% of its holding in the company.

‘Now is the right time for us to list - as a market leader, we are well placed to capture the significant market opportunity ahead,’ said Erik Fairbairn, who is also Pod Point’s CEO.

‘I believe our smart network of charge points will be key in enabling the mass adoption of electric vehicles, helping our customers to reduce their carbon footprint and supporting the UK to meet its net zero carbon emissions target,’ the CEO said.

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Issue Date: 18 Oct 2021