Good Energy Bolsters Zapmap With An Additional £1.7 Million Investment in EV Charging App

Today, renewable electricity supplier Good Energy disclosed an additional investment of £1.7 million in Zapmap, a service that maps electric vehicle (EV) charging points. This latest contribution boosts Good Energy's total investment to £7.5 million since 2019, securing a 49.9 per cent stake in Zapmap through a fully utilised secured convertible loan note.

Good Energy funded this investment from its existing cash reserves. The funds are earmarked to enhance Zapmap's business-to-business services: Zapmap Spark and Zapmap Insights. These offerings build on the success of Zapmap's consumer app, which aids EV drivers in locating, planning, and managing payments for EV charging. With over 1.54 million downloads and 860,000 registered users, Zapmap commands a considerable portion of the UK market, with about one million battery-electric vehicles (BEVs).

Looking ahead, Zapmap intends to maintain its focus on the UK while also branching out into the US and European markets, with a goal to reach a breakeven point by 2025. The terms of the new loan specify an interest accrual at 10 per cent per annum, with options for Good Energy to convert the loan into equity at a significant discount during certain events such as a business sale, future funding rounds, or after January 31, 2025.

Zapmap's consumer-facing app generates revenue through a freemium subscription model, media placements, and payment services. Moreover, in 2023, Zapmap launched an API product, Zapmap Spark, which allows external organisations to integrate Zapmap data into their digital offerings. Claiming the UK's "most comprehensive database of public EV charging," Zapmap provides live data from over 75 per cent of public charge points, positioning Zapmap Insights as a premier resource for businesses and other entities looking for detailed EV charging information.

"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," said Nigel Pocklington, chief executive of Good Energy and chair of Zapmap.

"We are proud to have supported the company in building a significant userbase, maintaining share in the rapidly growing EV driver market," he added. "We are confident that their burgeoning offerings to businesses and other organisations in Spark and Insights will see similar success."