Good Energy takes stake in electric vehicles business
5th March 2019 | Commercial Energy
Good Energy has taken a stake in a business which produces specialist route planners for electric vehicles (EV) drivers built around charging points. The Chippenham-based gas and electricity company has the opportunity to acquire a majority equity position in Next Green Car, the Bristol-based parent company of app Zap-Map, linked to financial and developmental milestones over the next two years.
Zap-Map is used by a significant proportion of Britain’s 200,000 electric vehicle drivers – planning routes, identifying charge points, checking availability and sharing power. Its 70,000 monthly users can choose from over 11,000 charging devices located across service stations, car parks, retail sites and private driveways from its easily navigable & intuitive app.
The UK Government has targeted 60 per cent of all new vehicles on British roads to be electric by 2030, with the UK EVE market forecast to grow at an annual compound growth rate of over 25 per cent in that timeframe. Zap-Map licenses its live mapping service to Nissan for use on its customer portal and has a partnership with Go Ultra Low, the government and car industry backed campaign designed to encourage EV-adoption.
Unaudited accounts for the 12 months ended 31 December 2018 recorded revenues of £210,000 and an operational loss of £60,000. The total initial consideration for the initial 12.9 per cent stake is £1.08m, rising to a maximum of £1.80m including deferred consideration.
Juliet Davenport, founder and chief executive of Good Energy, said, “The way we view energy is changing. Environmental challenge and digital opportunity are converging: intelligent power sharing is replacing conventional power supply. Localised generation, localised storage and localised sharing too. EVs make power so much more tangible, and the rapid rise of incredibly useful apps like Zap-Map make the management of it so much simpler – at home, at work, or on the go.
More information available on the website below