Legal & General has acquired a 13% stake in UK electric vehicle charge point operator, Pod Point.

The investment comes through the company's Future Cities business in an effort to create sustainable communities with good employment opportunities, high quality and varied housing in a digitally-connected and clean environment.

As the demand for electric vehicles continues to increase, so does the need for affordable, easy-to-use and easy-to-access charging infrastructure.

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. 


"Our investment in Pod Point anticipates a clean, electric and digital energy future that will be accessible and affordable for all."

Pod Point has already installed more than 60,000 charge points across the UK and Norway, and recently announced one of the largest destination charging partnerships to date in Europe. Legal & General's investment in Pod Point will support their strategic expansion, accelerating the growth of the business as it continues to help UK drivers adopt clean transportation by building a network of intelligent electric vehicle charging stations across the UK. 

Erik Fairbairn, CEO of Pod Point added: "Legal & General's Future Cities' business is a great fit for Pod Point's own vision, which is for travel that doesn't damage the Earth. By welcoming Legal & General on board as a shareholder it feels like we're one step closer to achieving this ambition. 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."

(CM/JG)