Pod Point, the owner of a network of electric vehicle charging infrastructure, has reportedly recruited the former boss of tobacco group Imperial Brands PLC (LON:IMB) in a move that is likely to fuel speculation of an initial public offering on the London market later this year.
According to a Sky News report, Gareth Davis, a City stalwart, has agreed to become Pod Point’s non-executive chairman with an announcement expected to be made in the coming weeks.
Pod Point, which is majority-owned by French state-backed energy giant EDF, has also appointed Bank of America and Barclays to help oversee its potential IPO as it aims to capitalise on the growing demand for electrical vehicles and, by extension, the infrastructure needed to charge them.
The company likely gained more optimism on Monday when UK energy regulator Ofgem unveiled plans to invest £300mln in ultrafast charging points ahead of the government’s target to ban the sale of new petrol and diesel vehicles by 2030 and phasing out hybrids by 2035.
However, Pod Point’s London IPO may not be an inevitability, given the potential for the group to be snapped up by a US-listed Special Purpose Acquisition Company (SPAC), which have risen to prominence recently as an alternative route to the market for valuable companies.