LONDON: Good Energy Group PLC (AIM: GOOD), the renewable electricity supplier and energy services provider, has made a further £1.7 million strategic investment into Zapmap Limited 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.”

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