Good Energy Doubles Down on EV Charging with £1.7M Zapmap Investment

In the realm of electric vehicle (EV) charging infrastructure, Good Energy, the British renewable energy supplier, has bolstered its stake in Zapmap with an additional £1.7 million ($2.15 million) convertible loan investment. This turns Good Energy’s total funding of Zapmap to £7.5 million ($9.49 million) since its initial 2019 investment, cementing its position as a 49.9% shareholder.

Zapmap’s Spark and Insights

The new funds will be utilized to expand Zapmap’s growing business-to-business offerings, Zapmap Spark and Zapmap Insights. In detail, Zapmap Spark is an Application Programming Interface (API) product launched in 2023 that allows companies to integrate Zapmap’s comprehensive UK public charging point data into their own digital services including route planning and payments.

As for Zapmap Insights, it provides detailed analytics on the growth of EV charging infrastructure to stakeholders like charge point operators, consultancies, government, automakers, and network operators. Moreover, Zapmap has stated to have live data feeds from over 75% of the UK’s public charge points.

UK’s Growing EV Market

Notably, Zapmap’s consumer app containing capabilities of finding, planning, and paying at EV chargers remains the company’s core product, with over 1.54 million downloads and 860,000 registered UK users. As a result, this signals a major portion of the country’s growing 1 million EV owners in 2023.

Despite concentrating on the UK market, Zapmap also presents charging maps for the U.S. and Europe as it explores international expansion opportunities. The new £1.7 million cash injection from Good Energy’s reserves, provided as a 10% interest convertible loan, is projected to benefit Zapmap gain profitability by 2025.

Nigel Pocklington, CEO of Good Energy and chair of Zapmap, expressed the importance of the company’s presence in the UK market stating, “Zapmap is playing a critical role not only to hundreds of thousands of EV drivers, but to the UK’s decarbonization pathway through the data and technology it has built.”

Good Energy Moving Forward

Interestingly, Good Energy can convert the loan to equity at a discounted rate if Zapmap is sold, raises additional funds, or after January 2025. With this in mind, the two companies are closely intertwined to capitalize on the rapid growth of EVs by providing necessary charging data and services to EV drivers, businesses, and industry stakeholders.

With its latest multi-million investment bet on Zapmap, Good Energy is solidifying its goal to accelerate the transition of electric mobility with EVs regarding the improvement of charging accessibility and infrastructure intelligence in the UK and beyond.

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