Electric vehicle charging company Pod Point has secured new finance from Triodos Bank UK to further support EV charging points roll-out at 600 supermarkets in the UK.
Triodos Bank UK has provided its first finance to support the development of electric vehicle (EV) charging infrastructure with its loan to Pod Point.
The new points at UK Tesco stores will include 7kW media chargers capable of displaying advertising on a screen, from which customers will be able to charge for free. Some sites will also have 50kW rapid chargers priced in line with market rates.
Pod Point partnership with Tesco and Volkswagen, announced in 2018, effectively created a new, sponsorship-based business model for EV charging.
Erik Fairbairn, Pod Point CEO & Founder says: “We are witnessing a pivotal moment for the UK’s rapidly expanding public charging network. Through our partnership with Tesco and Volkswagen we are rolling out smart, easy-to-use chargepoints at a scale that is going to accelerate EV adoption in ways we haven’t seen before and make it easier than ever for drivers to go electric. In Triodos, we’ve found a bank that shares our vision of a world where travel doesn’t damage the earth and who can help us achieve our mission to put a chargepoint everywhere you park.”
Philip Bazin, head of the environment team at Triodos Bank UK, says: “The transport sector now has the highest greenhouse gas emissions of any industry in the UK, with passenger car road transport accounting for over 50% of these emissions. We need the vision and capabilities of pioneering companies like Pod Point and mainstream businesses like Tesco wanting to deliver the change in our transport infrastructure that we need to see.”
Energy company EDF recently acquired a majority stake in Pod Point, as part of a newly formed joint venture with Legal & General Capital.
Triodos Bank’s new lending facility is part of its ongoing strategy to broaden its financing focus from mainly renewable energy generation projects to supporting the transition towards 100% smart clean energy systems.