Good Energy has taken a majority stake in Zap Map. The green energy company already held a 12.9 per cent stake following a deal struck last year which included an option to become majority shareholder.
Good Energy said there is no additional cash requirement as the transaction is being financed by the exercise of a convertible loan, which Zap Map is using to fund growth.
Zap Map originally span out from nextgreencar.com, becoming a data and software business in its own right. It provides some 100,000 electric vehicle drivers that use its app with real time information on charging locations and availability.
It also provides data services to various industries, including chargepoint network and distribution networks operators.
The company is set to launch a universal payment app, Zap Pay, in the near future. It is also developing a fleet version and is working with car manufacturers on in-car technology and services.
Under the deal, Good Energy will appoint its non executive director Tim Jones and head of investor relations & company secretary Charlie Parry to Zap Map’s board.
The total investment for the 50.1 per cent stake is £1.08m, rising to a maximum of £1.80m subject to product and financial milestones through to December 2021.
“The opportunity for Zap-Map to play an important role in the green economic recovery is obvious,” said Good Energy CEO, Juliet Davenport.
“With electric vehicles playing a key role in the future government strategy, and commitments to phase out petrol and diesel new vehicles, Zap-Map is perfectly placed to take advantage of future growth in the EV marketplace.”
Zap Map co-founder, Melanie Shufflebotham, said the 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”.