Pod Point, which floated in London in 2021 at a valuation of £350m, has been acquired by Paris-based EDF in a deal which values the company at just £10.6m.
The electric vehicle charging company saw its shares suspended from trading on the 1st May 2025, closing at a share price of 6.08p.
This was some way off its share price upon its initial listing in November 2021, when shares stood at 218p.
Upon suspension, the London-headquartered firm had a market cap of £9.54m.
In January, Pod Point announced that it expected adjusted EBITDA loss to be in line with guidance of around £14m. However, in April, it said it had uncovered bad debts linked to the period from 2020 to 2024. It has now reported a loss of £20.7m.
EDF currently holds a 53% stake in the business and has ‘consistently provided both financial and operational support to Pod Point’ since its initial investment in 2020.
The French giant has also said that it recognises Pod Point’s strength in the EV market, and is supportive of its new ‘Pod Drive’ consumer proposition and broader charging solutions strategy, whilst also recognising that the success of this strategy still needs to be proven.
The deal will see another company delist from the London Stock Exchange, following Wise’s plans to move its primary listing to the US and a potential £4.4bn takeover of Spectris plc.
Billion-dollar deals have also been agreed for the acquisitions of Oxford Ionics and Alphawave.
“EDF has a long-standing commitment to electric vehicles and a strong customer offering with one of the most competitive EV tariffs in the market,” said Philippe Commaret, managing director of EDF.
“We aim to strengthen our leading position in EV charging, including through Pod Point.
“Our offer for Pod Point will allow it to benefit from long-term stability and enhanced operational support providing greater certainty for its customers. We look forward to Pod Point being a full member of the wider EDF group.
“Electric vehicles offer consumers the chance to save money and carbon. Electrification of transport, heat and industrial processes strengthens Britain’s energy security and protects consumers from volatile fossil fuel prices.”
Andy Palmer, chair of Pod Point, added: “After much careful deliberation and active engagement with EDF, the Board has determined that this offer represents the best value for all Pod Point shareholders, employees and other stakeholders.
“As a good strategic fit within the EDF Group, we believe it puts Pod Point on the road to a long-term, sustainable future, to the wider benefit of all its stakeholders.”