Good Energy furthers investment in Zapmap

Renewable electricity supplier Good Energy Group has invested £1.7 million into Zapmap through a convertible loan note.

The firm, which currently holds 49.9% of the issued share capital of Zapmap, has added the strategic investment to the now total 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 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. Zapmap aims to reach breakeven during 2025.

Zapmap’s consumer app now has more than 1.54 million app downloads and 860,000 registered users. 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, launched in October last year, offers other organisations the ability to embed Zapmap data in their own digital products.  

In addition, its comprehensive database of public EV charging through Zapmap insights, includes live data feeds from more than 75% of public charge points, creating a 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.”

Image from Shutterstock

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