Challenger brand Good Energy has increased its stake in in electric vehicle (EV) charge point platform Zap-Map to 50 per cent.
The transaction is being funded by the exercise of a convertible loan, which increases its share in Zap-Map’s parent company Next Green Car (NGC) from the 13 per cent which it acquired earlier this year.
Good Energy says its investment is accelerating its shift into the EV market and will allow it to leverage a number of existing and future products and services for customers of both Good Energy and Zap-Map.
As part of the transaction Good Energy will appoint two new members to Zap-Map’s board.
Tim Jones, a non-executive director at Good Energy, is an experienced technology executive who has been CIO of Moneysupermarket Group since 2013. Jones has a background in digital start-ups, including as co-founder of automotive retail site, AutoTrader UK.
Charlie Parry is head of investor relations and company secretarial at Good Energy and has served as an observer to the Zap-Map board as part of the initial investment in 2019. He has 12 years experience across investor relations, corporate finance and banking, having previously held roles at Domino’s Pizza Group, Smiths News, Barclays Capital and Deloitte, and is a chartered accountant.
Juliet Davenport, founder and chief executive of Good Energy, said: “The opportunity for Zap-Map to play an important role in the green economic recovery is obvious. With electric vehicles playing a key role in the future government strategy, and commitments to phase out petrol and diesel new vehicles by 2030, Zap-Map is perfectly placed to take advantage of future growth in the EV marketplace.
“For Good Energy the strategic investment brings synergies across our new propositions including One Point, our business EV proposition and One Home, our strategic development for householders. We are really excited take the next step in supporting Zap-Map on its strategic journey.”
Melanie Shufflebotham, co-founder of Zap-Map, said: “We are delighted to continue our relationship with Good Energy, particularly as we look to launch of number of innovative products. Despite the battery electric vehicle market taking record market share, we remain at a critical moment for the electric vehicle market, as government and businesses look to provide the products and services for drivers to encourage adoption of EVs.
“This investment ensures that Zap-Map will remain at the forefront of the EV market delivering products which will make charging simple for both drivers and businesses.”