GCIPod Point becomes first UK operator to reach 250,000 EV chargepoints
() , a provider of electric vehicle charging solutions in the UK, has achieved a landmark in the British EV charging market, becoming the first operator to install over 250,000 chargepoints nationwide. This milestone solidifies Pod Point's position as the largest chargepoint network in the UK, marking a significant step in the company's ambitious growth plan.
Pod Point's focus in on the home and workplace segments, with its extensive network equipped to participate in the Energy Flex markets without additional upgrades needed for the vast majority of units. 'Energy Flex' are innovative and disruptive energy markets that enable cheaper and greener charging for customers, cost reductions for partners, and higher recurring revenues for providers like Pod Point.
At 250,000 units, Pod Point is already the UK's largest chargepoint operator, but the company has bigger ambitions. As part of its "Powering Up" strategy, Pod Point aims to serve 1 million customers by 2030. This would make it a significant scale player and force to be reckoned with in Energy Flex, for both regional and national markets.
Melanie Lane, CEO, commenting: "Pod Point has a long-established track record of being a leader in the EV charging market. I'm thrilled that we have achieved another first by becoming the first network to have installed over 250,000 units for customers across the UK. We have achieved this with a Trust Pilot score of 4.4, demonstrating our commitment to excellent customer service.
Our growing network size provides us with significant scale and relevance to the Grid and is an important part of our strategy for unlocking high margin recurring revenues for Pod Point."
In October 2024, Pod Point became the first UK chargepoint operator to bring EV chargers into the Capacity Market, which is an Energy Flex market that protects the grid against shortages in supply. Historically, the Capacity Market has been dominated by fossil fuel generators. Pod Point entered 60,000 of its chargepoints into the Capacity Market, commencing on 1 October 2024, delivering 65MW of Energy Flex capacity.
This marked 's 4th Energy Flex market entry since it entered the segment in H2 2023. As a result, the company upgraded its Energy Flex revenue guidance for FY24 to £500k from £300k previously.
continues to trade in line with expectations, having kept its full-year revenue and adjusted EBITDA guidance unchanged at the interim results in July 2024. Revenues are expected to be c. £60m, with adjusted EBITDA losses around £14m for FY24. The group is transitioning away from non-core activities, expected to result in £6m in annualised savings, to focus on its core home/workplace markets and the aforementioned Energy Flex segment where it is quickly gaining traction.
remains well-funded, expecting to end 2024 with £15m in cash and a £30m undrawn credit facility.
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