Electric car charge point provider POD Point raising £9 million

The UK’s POD Point, a provider of electric car charging stations, is raising £9 million in fresh funding to fund its expansion across Europe. The funding is a mix of VC investment and equity crowdfunding.

Draper Esprit and Barclays Capital have invested £5 million and £2 million respectively with £550,000 coming from angel investors. A remaining £1.5 million is being raised through equity crowdfunding site Crowdcube.

With this investment, POD Point plans to expand into mainland Europe and will create 50 new jobs in the UK. The company said it is aiming to have a station “installed everywhere people park for an hour or more” by 2020 through its various partnerships. It recently secured partnerships with Barratt Himes, Holiday Extra, and Hyundai.

The electric vehicle market in the UK is gathering momentum, said POD Point CEO Erik Fairbairn.

“The way people use cars is changing and how they are powered is at the epicentre of that,” he said. “Travel shouldn’t damage the earth, which is why we are building the most advanced intelligent charging network in the UK, the POD Point Open Charge Network.”

“POD point is leading the charge in the EV infrastructure market in the UK and Europe,” added Draper Esprit CEO Simon Cook. “We not only think that the EV market will develop at pace over the next decade, but that POD point is set to play a significant role in enabling adoption.