• Swindon & Wiltshire M&A, deals
• Thursday June 13 2024
• Author Name: Peter Davison

Good Energy invests further £1.7 million in Zapmap

Renewable energy supplier Good Energy has made a further £1.7 million strategic investment into Bristol-headquartered EV charging firm Zapmap.

The latest investment was made through a convertible loan note, which has now been fully drawn down. It means Chippenham-based Good Energy has provided funding totalling £7.5 million to Zapmap since its initial investment in 2019.

Good Energy currently holds 49.9 per cent of the issued share capital of Zapmap. Its latest investment has been funded from its existing cash reserves.

The investment 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 – whose consumer app, with 1.54 million downloads and 860,000 registered users has established itself as the leading app for EV drivers –  aims to reach breakeven point during 2025.

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 user base, 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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