REG - Pod Point Group Hdgs - Entry Into New Energy Flex Market

Pod Point groupAnnouncement

11/09/2024 07:00

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RNS Number : 6575D  Pod Point Group Holdings PLC  11 September 2024

11 September 2024

Pod Point Group Holdings PLC (Symbol: PODP)

(the "Company", the "Group" or "Pod Point")

 

New Energy Flex market entered; upgrades Energy Flex guidance

 

Pod Point becomes joint first chargepoint operator to bring EV chargers into
the Capacity Market

 

Pod Point Group Holdings PLC, a leading provider of Electric Vehicle ("EV")
charging solutions in the UK, is pleased to announce its entry into the
Capacity Market, further building the momentum of its Energy Flex business.
With the additional revenues from Q4 2024, the Group is upgrading its Energy
Flex revenue guidance to around £500,000 for FY24.

 

Entry into new Energy Flex market - the Capacity Market

Pod Point has now entered the Capacity Market in the UK ahead of schedule.
This marks the fourth Energy Flex market in which the Group is now
participating and demonstrates further rapid progress in line with the
strategy to enter all the major Energy Flex markets. The Group is now
operating business-as-usual Energy Flex in the Distribution System Operator
and Capacity Market and has pilots in the Balancing Mechanism and Wholesale
trading markets.

The Capacity Market protects the grid against shortages in supply by tapping
into a reserve of demand reduction or excess supply capacity. Historically,
the Capacity Market has been dominated by fossil fuel generators.  Pod Point
is the first charge point operator to bring EV chargers into the Capacity
Market by using the meter in the charger ("asset metering"), which enables
even customers without a smart meter to participate.

The Group has entered 60,000 chargepoints into the Capacity Market, commencing
on 1 October 2024, delivering 65MW of Energy Flex capacity.

 

Largest UK chargepoint network

Pod Point has the largest chargepoint network in the UK, with around a quarter
of a million units. The vast majority of the network can participate in Energy
Flex without any technology upgrades.  This makes Pod Point a significant,
scale player in both regional and national markets for Flex.

 

Upgrade to 2024 Energy Flex revenue guidance

With commercial participation in the Capacity Market from the start of Q4
2024, Pod Point is upgrading its Energy Flex revenue guidance for 2024 to
around £500,000 from previous guidance of £300,000.  This represents over a
10-fold increase over Energy Flex revenues delivered in 2023.

 

Win-Win-Win - for customers, the Grid and Pod Point

Energy Flex represents a win-win-win, with consumers getting cheaper and
greener charging as they are rewarded for their participating in Energy Flex;
grid partners reducing costs and avoiding capex; and Pod Point creating high
value recurring revenues.

 

Pilgrim Beart, VP Energy Flex, said:

"Our entry into the Capacity Market represents another important milestone in
Pod Point's Energy Flex strategy and creates further momentum in building
recurring revenues for the Group. It's another example of Pod Point taking the
lead in the Energy Flex market.  We the largest Energy Flex enabled
chargepoint network in the UK, with a quarter of a million chargers and this
provides significant scale and relevance to the Grid.  Our entry into the
Capacity Market represents significant progress in both these dimensions. It's
great that we are upgrading our Energy Flex revenues again and we have further
exciting plans for this emerging market."

 

Enquiries:

 Pod Point                                                                                                                                           phil.clark@pod-point.com

 Melanie Lane, Chief Executive Officer

 David Wolffe, Chief Financial Officer

 Phil Clark, Investor Relations

 Panmure Liberum (Joint Corporate Broker)                                                                                                            +44 (0)20 3100 2000

 Edward Mansfield, Amrit Mahbubani

 Canaccord (Joint Corporate Broker)                                                                                                                  +44 (0)20 7523 8150

 Bobbie Hilliam, Harry Pardoe

 Media                                                                                                                                               +44 (0)20 7353 4200 4200 PodPoint@teneo.com (mailto:PodPoint@teneo.com)

 Matt Low / Arthur Rogers
 (Teneo)

 

About Pod Point Group Holdings plc

Pod Point was founded in 2009. Driven by a belief that driving shouldn't cost
the earth, Pod Point is building the infrastructure needed to enable the mass
adoption of electric vehicles and to make living with an EV easy and
affordable for everyone. As at 30 June 2024 the company has an installed base
of 242k communicating charge points on its network in the UK and is an
official charge point supplier for major car brands.

Pod Point works with a broad range of organisations and customers to offer
home and commercial charging solutions.

Pod Point is admitted to trading on the London Stock Exchange under the ticker
symbol "PODP."

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