Crowdfunded charge point maker acquired by national energy company

A crowdfunded electric vehicle charge point maker has been acquired by a national energy company.

EDF, which is based in London, has acquired fellow London company Pod Point, which manufactures charge points for electric vehicles.

Pod Point has previously used Crowdcube for funding, raising £3.71m over three years, with investment from 1,428 people.

Erik Fairbairn, CEO and founder of Pod Point said: “Crowdcube has been vital in fuelling Pod Point’s growth.

“Without that initial investment in 2015, where we had the backing from our core community via Crowdcube, it would have been impossible to leap to the next stage of scaling our business.

“Our shareholders believed in our vision that travel shouldn’t exacerbate carbon emissions and I’m delighted we can repay them with a return on their investment.”

Luke Lang, co-founder and CMO of Crowdcube, said: “We’re on the verge of an electric car revolution and Pod Point has been instrumental in building the UK’s charging infrastructure.

“Erik’s ambitious vision, passion and determination to make the world a cleaner place has inspired hundreds of people to invest in Pod Point over the years via Crowdcube.

“I’m delighted for Pod Point and its shareholders, who will receive a healthy return from their investment following the sale to EDF.”