Pod Point has given itself a shock by smashing its £1.2 million crowdfunding target just weeks after kicking off the campaign to build up its huge network of electric vehicle [EV] charging points.
The UK’s largest EV charging point provider kicked off its campaign back on 20 November and in reaching its target became the third largest Seedr crowdfunding effort ever.
“We’re hugely excited about the prospect of recruiting an active and enthused community, who are passionate about the next century’s way of powering vehicles,” said an excited Erik Fairbairn, CEO and founder of Pod Point. “This is a rare and exciting financial opportunity to be part of the growth of an established business, at the forefront of an industry with huge, and inevitable growth potential.”
Pod Point has been around for six years and hit £4.5 million in turnover over the last financial year and in 2014 alone the company has grown by 130 per cent to take hold of 27 per cent of the UK market.
“We have already provided over six million miles of electric vehicle motoring to our customers, and our business has always been made possible through the collaboration of other stakeholders. Now, with the help of the wider crowd we can ensure there’s a Pod Point solution wherever EV drivers park for more than an hour, be it at home, at work, or in city centres,” Fairbairn added.
In addition to its 1,300 charging bays installed across the UK, it has also shipped 17,000 Pod Points to countries around the world and with new models on the way from the likes of Nissan, BMW and Tesla there is significant optimism.
This potential growth is further illustrated by figures released from the Society of Motor Manufacturers and Traders [SMMT] in September that showed registrations of alternatively fuelled vehicles [AFVs] rose 56 per cent to 9,955. That is still only enough for 2.3 per cent of the total market and even a 10 per cent chunk of the market would be a boon to the likes of Pod Point.