REG - Good Energy Group - Further strategic investment in Zapmap Limited

Good EnergyAnnouncement

12/06/2024 07:15

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RNS Number : 0450S  Good Energy Group PLC  12 June 2024

12 June 2024

Good Energy Group PLC

("Good Energy" or the "Company")

Further £1.7 million strategic investment in Zapmap Limited

Good Energy Group PLC (AIM: GOOD), the renewable electricity supplier and
energy services provider, is pleased to announce that it has made a further
£1.7 million strategic investment into Zapmap Limited ("Zapmap") through a
convertible loan note.

Good Energy currently holds 49.9% of the issued share capital of Zapmap.
Today's investment of a further £1.7m has been made through a secured
convertible loan note which has now been fully drawn down.  Amounts owed
under the convertible loan note accrue interest at 10% per annum.  Good
Energy can convert the loan to equity at a material discount at the earlier
of: a sale of the business, subsequent funding rounds, or on or after 31
January 2025. Including this latest convertible loan, Good Energy has provided
funding totalling 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 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.

These services complement Zapmap's consumer app, which has successfully
established itself as the leading app for EV drivers, helping them search,
plan and pay for charging.  Now with over 1.54 million app downloads and
860,000 registered users, it has a significant market share of the drivers of
the UK's 1 million battery electric vehicle parc.

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, an API product launched in October 2023 offers other
organisations the ability to embed Zapmap data in their own digital products.
 With the UK's most comprehensive database of public EV charging, including
live data feeds from more than 75% of public charge points, Zapmap Insights is
the go-to 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."

 

Enquiries

 Good Energy Group PLC
 Nigel Pocklington, Chief Executive Officer                 Email: press@goodenergy.co.uk (mailto:press@goodenergy.co.uk)

 Ian McKee, Head of Communications
 SEC Newgate UK                                             Email: GoodEnergy@secnewgate.co.uk (mailto:GoodEnergy@secnewgate.co.uk)
 Elisabeth Cowell / Molly Gretton                           Tel: +44 (0)7900 248213
 Investec Bank plc (Nominated Adviser and Joint Broker)
 Henry Reast / James Rudd                                   Tel: +44 (0) 20 7597 5970
 Canaccord Genuity Limited (Joint Broker)
 Henry Fitzgerald - O'Connor / Bobbie Hilliam / Harry Rees   Tel: +44 (0) 20 7523 4617

 

About Good Energy www.goodenergy.co.uk (http://www.goodenergy.co.uk/)

Good Energy is a supplier of 100% renewable power and an innovator in energy
services. It has long term power purchase agreements with a community of 2,000
independent UK generators.

Since it was founded over 20 years ago, the company has been at the forefront
of the charge towards a cleaner, distributed energy system. Its mission is to
power a cleaner, greener world and make it simple to generate, share, store,
use and travel by clean power. Its ambition is to support one million homes
and businesses to cut carbon from their energy and transport used by 2025.

Good Energy is recognised as a leader in this market, through green kite
accreditation with the London Stock Exchange, Which? Eco Provider status and
Gold Standard Uswitch Green Tariff Accreditation for all tariffs.

 

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