arrow_back_ios Back View more articles
Nigel Pocklington

Good Energy to change from energy generator to services supplier in ‘strategic shift’

Chippenham-based Good Energy has announced its intention to step away from the production of renewable energy and sell its portfolio of renewable energy assets.

Instead, the firm will concentrate of decentralised, digitised clean energy and transport services – like EV mapping service Zap-Map – as part of a “strategic shift” in direction.

Proceeds from the sale of its 47.5MW generation portfolio – valued in the summer at £56.8 million – “will be used to accelerate and support previously identified strategic growth opportunities.”

Nigel Pocklington, who replaced Good Energy founder Juliette Davenport as CEO in May, said the firm’s “job is done” as a producer of renewable energy.

“Good Energy has been at the forefront of the UK’s energy transition for over 20 years, stimulating the growth of renewable power generation. Our job is done as a developer and asset owner as we focus on the new frontiers – the electrification of transport and decentralised energy generation,” he told investors.

“Bigger investment in Zap-Map, will reinforce their market position and help deliver the products and services for EV drivers. We see significant opportunities to scale this business internationally.

“We are also increasing investment in a brand-new platform to better serve our decentralised energy customers. With one of the largest feed in tariff customer bases, we are investing in new products and services to better serve their needs.”

Zap-Map, the UK’s leading EV mapping platform, currently has more than 290,000 registered users, over 95 percent of the UK’s public points on its network and over 75 percent of UK EV drivers have downloaded the platform.

Good Energy said it intends to participate in the current founding round being undertaken by Zap-Map. The anticipated size of the funding round is £7 million.

This will allow Zap-Map to embark on its next course of commercial and development goals, which will crystallise its leading position for its market services in the UK and initiate steps of international expansion to selected territories.

The firm is also building a new platform to help its Feed-in Tariff generation customers export power to customers.

The energy market has continued to experience high wholesale energy prices, which has led to 22 supply companies failing since the start of September 2021, of which 13 have been announced since 13 October 2021.

Good Energy said the market exits would have a “short-term impact” on the business.

“Whilst the retail energy market continues to experience some short-term challenges, we remain positive about the future. We will largely be a debt free company, with a strong balance sheet for growth,” said the CEO.

Good Energy completes sale of wind and solar farms

Read more

20.01.2022

Sparks continue to fly as Ecotricity bids to oust Good Energy chairman

Read more

14.01.2022

Minister for universities praises Good Energy’s green graduate jobs scheme

Read more

01.12.2021

Good Energy welcomes government’s EV charging announcement

Read more

24.11.2021

Good Energy unveils light show for turbine anniversary

Read more

29.10.2021

Good Energy installs new artwork, named greenest energy supplier

Read more

22.10.2021

Good Energy sees off hostile bid by eco-rival

Read more

11.10.2021

Good Energy in position to weather energy crisis – CEO

Read more

20.09.2021