12
June 2024
Good Energy Group PLC
("Good Energy" or the "Company")
Further £1.7 million
strategic investment in Zapmap Limited
Good Energy Group PLC (AIM: GOOD),
the renewable electricity supplier and energy services provider, is
pleased to announce that it has made a further £1.7 million
strategic investment into Zapmap Limited ("Zapmap") through a convertible loan
note.
Good Energy currently holds 49.9% of
the issued share capital of Zapmap. Today's investment of a
further £1.7m has been made through a secured convertible loan note
which has now been fully drawn down. Amounts owed under the
convertible loan note accrue interest at 10% per annum. Good
Energy can convert the loan to equity at a material discount at the
earlier of: a sale of the business, subsequent funding rounds, or
on or after 31 January 2025. Including this latest convertible
loan, Good Energy has provided funding totalling approximately £7.5
million to Zapmap since its initial investment in
2019. Good Energy's latest investment
has been funded from its existing cash reserves.
The further investment from Good
Energy will be used by Zapmap to continue growing its
business-to-business offerings, Zapmap Spark and Zapmap Insights.
The business plans to continue its focus on the UK market,
whilst offering mapping in both the US and other European
markets. Zap Map aims to reach breakeven point during
2025.
These services complement Zapmap's
consumer app, which has successfully established itself as the
leading app for EV drivers, helping them search, plan and pay for
charging. Now with over 1.54 million app downloads and
860,000 registered users, it has a significant market share of the
drivers of the UK's 1 million battery electric vehicle
parc.
In addition to its consumer facing
app, monetised via a freemium subscription model, media and
payments, the business has a growing API and data offering.
Zapmap Spark, an API product launched in October 2023 offers
other organisations the ability to embed Zapmap data in their own
digital products. With the UK's most comprehensive database
of public EV charging, including live data feeds from more than 75%
of public charge points, Zapmap Insights is the go-to source for
businesses and other organisations, including the Department for
Transport, with up-to-date data on the UK's crucial EV charger
roll-out.
Nigel Pocklington, CEO of
Good Energy and Chair of Zapmap said:
"Zapmap is playing a critical role
not only to hundreds of thousands of EV drivers, but to the UK's
decarbonisation pathway through the data and technology it has
built.
We are proud to have supported the
company in building a significant userbase, maintaining share in
the rapidly growing EV driver market. We are confident that their
burgeoning offerings to businesses and other organisations in Spark
and Insights will see similar success."
Enquiries
Good Energy Group PLC
|
|
Nigel Pocklington, Chief Executive
Officer
Ian McKee, Head of
Communications
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Email: press@goodenergy.co.uk
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SEC
Newgate UK
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Email: GoodEnergy@secnewgate.co.uk
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Elisabeth Cowell / Molly
Gretton
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Tel: +44 (0)7900 248213
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Investec Bank plc (Nominated Adviser and Joint
Broker)
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Henry Reast / James Rudd
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Tel: +44 (0) 20 7597 5970
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Canaccord Genuity Limited (Joint Broker)
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Henry Fitzgerald - O'Connor / Bobbie
Hilliam / Harry Rees
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Tel: +44 (0) 20 7523
4617
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About Good Energy www.goodenergy.co.uk
Good Energy is a supplier of 100%
renewable power and an innovator in energy services. It has long
term power purchase agreements with a community of 2,000
independent UK generators.
Since it was founded over 20 years
ago, the company has been at the forefront of the charge towards a
cleaner, distributed energy system. Its mission is to power a
cleaner, greener world and make it simple to generate, share,
store, use and travel by clean power. Its ambition is to
support one million homes and businesses to cut carbon from their
energy and transport used by 2025.
Good Energy is recognised as a
leader in this market, through green kite accreditation with the
London Stock Exchange, Which? Eco Provider status and Gold Standard
Uswitch Green Tariff Accreditation for all tariffs.