Good Energy increases stake in Zap-Map to take majority share

Following announcement of its £1.08m investment in March 2019, Good Energy will be increasing its share, to have a 50.1% majority stake, in the go-to electric vehicle app.

Clean energy company Good Energy has announced that it will be increasing its share in Zap-Map, the go to app for the UK’s fast growing 300,000 strong electric vehicle (EV) drivers. 

Good Energy announced a 12.9% share in Zap-Map’s parent company Next Green Car in March 2019, based on a total initial consideration of £1.08m, with the option to increase to a majority stake within the next two years and a maximum investment of £1.8m. It has now exercised the option to increase its stake, taking a 50.1% share, funded through Good Energy’s cash reserves. 

Zap-Map now has more than 250,000 app downloads and more than 100,000 registered users, meaning it is used by the vast majority of EV drivers to find chargers, plan routes and use the community features such as reporting charger functionality. The active community provides up to date information on the status and availability of chargers, vital for drivers looking for a reliable place to charge their vehicle. 

Good Energy will be working closely with Zap-Map on the development and roll out of its new products and services, including —  

• A simple-to-use, single payment solution for EV drivers and charge point operators, providing drivers with a single point of access to a range of public charging networks through the Zap-Map app
• A comprehensive data insights platform, providing unique insights drawn from Zap-Map’s rich database and long-standing experience combined into a server-based platform 
• Significantly increased in-car functionality for EV drivers through partnerships with auto manufacturers, critical to the user experience and encouraging adoption

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 exited take the next step in supporting Zap-Map on its strategic journey.”  

Melanie Shufflebotham, Co-founder of Zap-Map, said “Our relationship with Good Energy has been a vital strategic partnership in what has been a key period in the development of Zap-Map, and will continue to be as we look to launch of number of innovative products. Electric vehicles are taking record market share, but we remain at a critical inflection point as Government and businesses look to provide the products and services for drivers to encourage adoption of EVs. This investment ensures that we will remain at the forefront of the EV market delivering products to make charging simple for to both drivers and businesses.”