Chippenham-based Good Energy Group PLC, the 100 per cent renewable electricity supplier and energy services provider has increases its equity stake in Zap-Map’s parent company, Next Green Car Ltd to 50.1 per cent.
The Zap-Map app for the UK’s 300,000 and growing electric vehicle (EV) drivers includes planning routes, identifying charge points, checking their availability, and sharing power. The app has been downloaded more than 250,000 times and has 100,000 registered users.
Total initial consideration for the 50.1% investment via the conversion is £1.08m. This rises to a maximum of £1.80m including deferred consideration, which is aligned with product and financial milestones through to December 2021.
Both the number of EV drivers in the Zap-Map community and the number of charge points in its network have been increasing rapidly, which enhances the breadth and quality of the available data. By actively logging the status and availability of the public charging network, Zap-Map provides crucial insights on individual users charging experience and requirements.
The Good Energy Board believes that the increased investment in Zap-Map has a compelling strategic and commercial rationale. Zap-Map holds a market leading position in the UK, with both the large majority of EV drivers and network operators on their platform.
Juliet Davenport, Founder and Chief Executive Officer of Good Energy, said: “The opportunity for Zap-Map to play an important role in the green economic recovery is obvious. With electric vehicles playing a key role in the future government strategy, and commitments to phase out petrol and diesel new vehicle by 2030, Zap-Map is perfectly placed to take advantage of future growth in the EV marketplace. For Good Energy the strategic investment brings synergies across our new propositions including One Point, our business EV proposition and One Home our strategic development for householders. We are really excited take the next step in supporting Zap-Map on its strategic journey.”
Melanie Shufflebotham, co-founder of Zap-Map, said: “We are delighted to continue our relationship with Good Energy, particularly as we look to launch of number of innovative products. Despite the battery electric vehicle market taking record market share, we remain at a critical moment for the electric vehicle market, as Government and businesses look to provide the products and services for drivers to encourage adoption of EVs. This investment ensures that Zap-Map will remain at the forefront of the EV market delivering products which will make charging simple for both drivers and businesses.”
The investment in Zap-Map aligns Good Energy with a platform for the energy sharing economy which is at the forefront of EV market growth.
There are planned launches for a number of innovative products and services in 2020, including an interoperable payment solution for EV drivers and charge point operators, providing EV drivers with simple, single point of access to a range of public charging networks through the Zap-Map app andsignificantly increased in-car functionality for EV drivers through partnerships with auto manufacturers, critical to the user experience and encouraging adoption.