Good Energy increases investment into Zapmap to fund new offerings

(Alliance News) - Good Energy Group PLC on Wednesday announced further strategic investment into ...

Alliance News 12 June, 2024 | 1:35PM
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(Alliance News) - Good Energy Group PLC on Wednesday announced further strategic investment into electric vehicle charge point mapping company Zapmap Ltd.

The Chippenham, England-based renewable electricity supplier and energy services provider currently holds 50% of Zapmap's issued share capital.

Good Energy said it invested GBP1.7 million from existing cash reserves through a convertible loan note that will accrue interest at 10% per year and can be converted to equity at a material discount.

Since its initial investment in 2019, Good Energy has provided GBP7.5 million to the company.

"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," Good Energy commented.

With over 1.5 million app downloads and 860,000 registered users, Zapmap has a significant market share of UK EV drivers.

By Elijah Dale, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Good Energy Group PLC 291.00 GBX -2.02 -

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