EDF to acquire Pod Point for £10.6 million

Energy giant EDF is to buy Pod Point for £10.6 million after the EV charging firm has suffered plunging share prices.

EDF, which was already a majority shareholder with 53%, will now acquire the entire business, saying a takeover was the "only realistic prospect" of Pod Point being able to continue operating in the future, and provide "long-term stability". 

 The business said Pod Point has routinely been reliant on funding and cash injections to keep it afloat, plus it has had a tough start tomorrow the year having faced a "difficult market backdrop".

EDF has offered 6.5p per share, valuing it at £10.6m. Shareholders still need to approve the deal.

Pod Point floated on the London Stock Exchange in 2021 with a valuation of around £350 million. However, its share price has suffered dramatic falls from its peak at 275p.