Triodos Bank joins Tesco in funding Pod Point's EV charging rollout
Ethical finance firm Triodos Bank has joined Tesco and Volkswagen in providing funding to Pod Point to accelerate access to electric vehicle (EV) charging points across the UK, including 600 supermarket locations.
Triodos Bank UK has provided a finance loan to Pod Point to supply hundreds of EV charge points at 600 Tesco stores. The charging infrastructure will be supplied, operated and maintained by Pod Point, which owns and operates 62,000 EV charging points across the UK, located at businesses, public sector organisations and at homes.
The debt facility from Triodos joins funding from Tesco and Volkswagen, which formed a partnership with Pod Point in 2018.
Triodos Bank’s head of environment Philip Bazin said: “Given our focus on sustainable and responsible finance, it is fundamental to Triodos to support projects, such as charging infrastructure for electric vehicles, which help us transition to a low-carbon, clean future. 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.”
Notable business customers of Pod Point in the UK include Lidl GB and Centre Parcs. Pod Point also has smaller operations in Norway, with 6,600 EV charging points.
The new points installed at Tesco sites include 7kW media chargers capable of displaying advertising and a free to use. Some sites will also feature 50kW rapid chargers that a priced at market rates. Tesco is aiming to increase its renewable energy use from 65% to 100% by 2030, meaning vehicles charging at stores will have access to green electricity.
Energy giant EDF acquired a majority stake in Pod Point, last month. Under the deal, EDF will supply energy to all of Pod Point’s EV charging infrastructure and provide the firm with its smart charging tariffs and technologies.
EDF said the new investment would help drive progress towards the targets listed in its Electric Mobility Plan. Published in 2018, the plan commits the business to serve 600,000 EVs across Europe by 2022 and to “transform power systems” in line with the EV revolution.