TIDMGOOD
RNS Number : 9042U
Good Energy Group PLC
08 April 2021
Good Energy Group PLC
("Good Energy" or "the Company")
Zap-Map commercial partnership with Fleetcor UK & Good
Energy further GBP1m strategic investment
Good Energy Group PLC (AIM: GOOD), the 100% renewable
electricity supplier and innovative energy services provider,
announces it has made a further GBP1m strategic investment via a
convertible loan note into Zap-Map's parent company Next Green Car
Ltd ("NGCL"). Zap-Map is the UK's leading Electric Vehicle mapping
service and the investment will fund the next stage of growth and
scale commercial opportunities.
Following the release of the EV payment service Zap-Pay, Zap-Map
continued to have significant growth in registered users. Following
the appointment of senior commercial & strategic leadership
roles in February 2021, Zap-Map is continuing to execute against
its growth strategy. The Zap-Map Board has identified the
requirement for further funding to accelerate the next phase of
growth and capitalise on a growing number of commercial
propositions.
Commercial partnership with Fleetcor UK
As part of making charging simple for all EV drivers, Zap-Map
have entered into a heads of terms agreement with Fleetcor UK, part
of Fleetcor a worldwide leader in business payments, to integrate
its Zap-Pay solution with the Allstar payment platform. This will
cover commercial fleets of vehicles, aimed at delivering a solution
to remove the payment complexities for businesses and commercial
fleets.
As part of an on the road solution, the Allstar One Electric
fuel card enables fleet operators to manage all fuel types, whether
traditional (petrol or diesel) or an alternative such as electric,
hydrogen or hybrid, on one payment card. Allstar has already
partnered with nine leading EV charging providers, including
Chargepoint services, ESB Energy, Engenie, and Source London, to
create the one of the largest multi-branded EV fuel networks in the
UK. It now provides fleet operators and drivers with access to more
than 4,277 charging points across 1,700 locations throughout the
UK. Allstar is continually working to grow its electric charging
network, easing access to charging points and lowering range
anxiety.
Background and details of further strategic investment
In 2019, Good Energy made a strategic investment in NGCL, as
part of the development of its own mobility propositions that was
predicated on the significant future growth prospects within the
electrification of transport. As a result, Good Energy has a 50.1%
majority stake in NGCL, and thus Zap-Map.
Today's investment of GBP1m in NGCL is by way of convertible
loan notes. The details of the investment are below:
-- The loan note comprises three broadly equal and separate
tranches of investment throughout 2021;
-- Good Energy can exercise the conversion of the loan at the
earlier of subsequent funding rounds, or a longstop date of 12
months from the date of agreement, at a material discount.
Zap-Map well positioned for commercial scale up
Zap-Map is playing a key role for all EV drivers in this
transition, by enabling them to search, plan and pay for EV
charging in one app, whilst receiving real time updates in car.
Zap-Map currently has over 95% of the UK's public charging
points on its network, with live dynamic data for over 70% of the
UK EV charging network and is the number one app used by EV drivers
to locate chargers. Over 75% of the UK EV drivers have downloaded
Zap-Map, which have grown over 60% in 2020 in line with the UK EV
market. With over 180k registered users, 140k cross platform users,
130k saved route plans and over 12k user comments per month,
Zap-Map has continued to position itself as the voice of the EV
driver and an indispensable tool for new and existing drivers.
Following the successful launch of the Zap-Pay solution in
September 2020 and continued growth of its user base, Zap-Map is
well placed to benefit from significant uplift in the EV market in
the UK and beyond.
EV charging made simple
Zap-Map remains the voice of the EV driver and developed through
deep relationships with customers & 'go to' brand for all
things EV. A capital light, technology platform business, which
focuses on three core areas in the EV industry:
-- Mapping. Functionality core to the platform and EV driver
experience. Making EV charging simple for all, with visibility of
over 95% of the UKs public charge points and live dynamic data for
over 70% of the UK EV charging network.
-- Payment. Leading interoperable payment solution, providing
payment capabilities for all EV drivers and helping to accelerate
EV adoption by removing payment barriers.
-- Data & insights. Over 10 years of unique data sets to
help understand EV adoption and driver behaviours. Providing
insights across the EV ecosystem on utilisation, adoption and
behaviour to help future proof solutions.
Zap-Map is playing a key role for all EV drivers in this
transition by enabling them to search, plan and pay for EV charging
in one app whilst receiving real time updates in car.
Juliet Davenport, Founder and Chief Executive Officer of Good
Energy and Chair of Zap-Map, said:
"This investment in Zap-Map will allow them to accelerate their
proven products and provide much needed services for the growing
number of EV drivers in the UK and beyond. With a strong pipeline
of opportunities we are excited about what the future holds for
Zap.
The partnership with Fleetcor is a great example of two leaders
in their fields collaborating to solving and simplifying a complex
problem for businesses as they transition to electric motoring. The
solution will help to make charging simple for business EV drivers
at scale, increase adoption and help drive the UK towards zero
emission motoring".
Enquiries:
Good Energy Group PLC Email: press@goodenergy.co.uk
Juliet Davenport, Chief Executive Email: press@zap-map.com
Charles Parry, Investor Relations Phone: +44 (0) 7718
Luke Bigwood, Communications 671003
Investec Bank plc (Nominated Adviser Tel: +44 (0) 20 7597
and Joint Broker) 5970
Jeremy Ellis
Sara Hale
Canaccord Genuity Limited (Joint Broker) Tel: +44 (0) 20 7523
Henry Fitzgerald - O'Connor 4617
Georgina McCooke
Notes to editors:
About Good Energy www.goodenergy.co.uk
Good Energy is a generator and supplier of 100% renewable power
and an innovator in energy services. It currently owns two wind
farms, six solar farms and sources electricity from a community of
1,600 independent UK generators.
Since it was founded 20 years ago, the company has been at the
forefront of the charge towards a cleaner, distributed energy
system. Its mission is to support UK households and businesses
generate, store and share clean power.
Good Energy is recognised as a leader in this market, through
our green kite accreditation with the London Stock Exchange and as
a top rated Green energy supplier by Which?.
About Zap-Map www.zap-map.com/live/
Launched in June 2014, with a mission to accelerate the shift to
electric vehicles (EV) and help the drive towards zero carbon
mobility, Zap-Map is the UK's leading EV mapping service. The
charging point map, available on desktop and iOS/Android apps,
helps EV drivers to search for available charge points, plan longer
journeys, share updates and pay for charging on participating
networks.
In the UK, Zap-Map attracts more than 120,000 cross-platform
users per month from a rapidly growing fleet of around 200,000
pure-EVs (Zap-Map's core user group) and 230,000 plug-in hybrids
(SMMT: December 2020).
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