Pod Point is set to be acquired by French energy giant EDF after the London-listed electric vehicle charger firm's losses mounted last year.

EDF, which already owns roughly 53 per cent of Pod Point, has struck a deal to buy the rest of the group at a value of 6.5p per share, implying a share capital value of around £10.6million.

The recommended offer, at a 24 per cent premium to Pod Point's share price when it was made in late April, follows an intense deterioration in the group's financial performance and share price.

Pod Point posted an adjusted earnings loss of almost £21million for 2024, up 35 per cent on the same time last year, as it lamented growing market competition and disappointing demand.

It came as the volume of new chargers sold to households disappointed, with the new private car market proving 'weak', driving revenues 17 per cent lower to £52.3million for the year.

Pod Point's shares fell by around a third in January after it revealed a slowdown in demand for battery-powered cars. It warned again in April that 2025 results would also reflect 'ongoing weakness' in electric car sales.

The group, which listed at 225p per share in November 2021, said in a statement the offer represents 'the only realistic prospect' for the group to continue as a going concern, having been 'reliant' on EDF to execute its strategy since inception.

Pod Point is in the process of developing its offering from a focus on selling EV chargers to a 'charging as a service' model, which allows it to be benefit from recurring revenues.

However, this requires additional capital to fund 'the up-front working capital investment'.

EDF said in a statement: 'By acquiring the Pod Point Shares that it does not already own, EDF will be able to provide Pod Point with long-term stability and enhanced operational support as part of the broader EDF Group.

'This will enable Pod Point to continue investing in charging products, technological innovation, and leading customer service, while accelerating progress towards the UK's decarbonisation targets.'

EDF managing director Philippe Commaret added: 'We aim to strengthen our leading position in EV charging, including through Pod Point.

'Our offer for Pod Point will allow it to benefit from long-term stability and enhanced operational support providing greater certainty for its customers

'Electric vehicles offer consumers the chance to save money and carbon. Electrification of transport, heat and industrial processes strengthens Britain's energy security and protects consumers from volatile fossil fuel prices.'