Clean power supplier Good Energy has helped Britain’s leading EV charging firm complete a £9 million fund-raising round, opening its doors wider to international expansion.
E-mobility enabler Zap-Map claims a market-leading 70%-plus share of Britain’s half-million EV drivers, plus coverage of over 95% of UK charging points, and payment integration via its Zap-Pay product with nine funds transfer networks.
Its previous controlling owners Next Green Car Limited have since March 2019 welcomed equity participation from Good Energy, culminating in last summer’s confirmation of the renewables supplier’s 50.1% control.
Good Energy’s £3.7 million injection today, plus a further £5.3 million from the UK arm of new partner FleetCor Technologies, the global fuel card and payment provider, make up the deal, detailed this morning to the renewables retailer’s investors.
When completed, the transaction will value Zap-Map at £26.3 million, Good Energy told shareholders.
Today’s cash is earmarked for expanding ZapMap’s fast-growing product range, and its further adventures overseas.
FleetCor Technologies, headquartered in Atlanta, Georgia, US, processes billions of electronic transactions a year, and posted 2021 sales of $2.8 billion.
Its investment today builds on an existing partnership which sees FleetCor’s Allstar Business Solutions integrated into the Zap-Pay product. Zap-Pay is integrated with nine charging networks serving the UK.
Good Energy’s participation in the round has been dictated by its strategy to build a platform which makes it simple for people to generate, share, store, use and travel with clean power.
The Chippenham-based power supplier sees Zap-Map as playing a strong role in its three-pronged strategy across clean energy supply, energy services and transport. Having fought off last year’s takeover bid from Dale Vince’s competitor Ecotricity, Good Energy targets 2025 to help one million homes and businesses cut their carbon levels.
Nigel Pocklington, Good Energy’s CEO as well as Zap-Map’s chair, enthused: “I’m very excited to announce this new investment, which is a huge boost for Zap-Map’s growth plans.
“With millions more drivers switching to electric in the coming years, (the UK faces) a race towards zero-emission transport. Zap-Map is placed right at the front of the field, where we plan to keep it.
Zap-Map CEO Richard Bourne echoed him. “This fundraising round allows us to accelerate Zap-Map’s core mission – making it simple for current and future electric vehicle drivers to plan journeys, search and pay for electric vehicle charging”, said Bourne.
“Good Energy has proven a powerful partner to date. We are delighted to have a new strategic collaboration with Fleetcor which will supercharge our ambition to accelerate the provision of services to the fleet market and allow us to look ahead and expand internationally.”