REG - Good Energy Group - Zap-Map raises £9m

Good EnergyAnnouncement

08/08/2022 07:00

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RNS Number : 1677V  Good Energy Group PLC  08 August 2022

Good Energy Group PLC

 

("Good Energy" or the "Company")

 

Zap-Map raises £9m Series A funding including investment from Fleetcor and
Good Energy

 

·      £5.3m new investment from Fleetcor provides strategic
opportunities to leverage Fleetcor's global footprint and partnerships with
electric vehicle ("EV") fleets and charging providers in support of Zap-Map's
international expansion plans

 

·      Good Energy invests £3.7m in line with its strategy to make it
simple for people to generate, share, store, use and travel with clean power

 

Good Energy, the 100% renewable electricity supplier and energy services
provider, is pleased to announce that Zap-Map, the UK's leading EV charge
point mapping service, has successfully completed a £9m Series A fundraising,
valuing Zap-Map at £26.3m post money equity value.

 

This includes a further £3.7m investment from Good Energy and a £5.3m
investment from new strategic investor Fleetcor UK Acquisition Limited
("Fleetcor"), the leading global fuel card and payment provider with a US$17
billion market cap. Renowned market leader in the UK, with over 70% share of
the rapidly growing EV driver market registered, Zap-Map's commercial goals
include building on its paid-subscription services and initiating
international expansion. The funds raised are expected to fuel the expansion
of Zap-Map's development team to deliver its product roadmap and could pave
the way for Zap-Map's international expansion.

 

Fleetcor processes billions of electronic transactions a year and recorded
annual revenue of $2.8 billion in 2021. Its strategic investment builds on an
existing partnership which sees Fleetcor's Allstar Business Solutions
integrated into Zap-Map's Zap-Pay product, which is designed to make EV
charging payment simple. Zap-Pay has already integrated with nine charging
networks.

 

Good Energy's participation in the round is in line with its strategy to build
a platform which makes it simple for people to generate, share, store, use and
travel with clean power. Zap-Map has a strong role in its three-pronged
strategy across clean energy supply, energy services and transport. The
Company's ambition is to help one million homes and businesses cut carbon
levels by 2025.

 

Nigel Pocklington, Chair of Zap-Map and Chief Executive of Good Energy said:

"I'm very excited to announce this new investment, which is a huge boost for
Zap-Map's growth plans. There are over half a million EV drivers in the UK,
with millions more switching to electric in the coming years. It is a race
towards zero-emission transport and Zap-Map is placed right at the front of
the field, where we plan to keep it. Bringing on a partner with the scale and
compatibility of Fleetcor ensures that that is possible, opening up further
possibilities in international payments and fleet electrification."

Richard Bourne, Chief Executive of Zap-Map, said:

"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. Good Energy has proven
a powerful partner to date and 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."

Transaction summary

Good Energy previously announced its intention to participate in the Series A
funding round being undertaken by Next Green Car Limited ("NGCL"), owner of
Zap-Map.

 

Following a competitive process, the Series A funding round has been
successfully completed with Fleetcor UK Acquisition Limited ("Fleetcor") and
Good Energy investing in the round. Details of the transaction are:

·     Fundraise amount of £9m, based on a pre-money enterprise valuation
of £18.35m, pre money equity value of £17.3m and a post money equity
valuation of £26.3m.

·   The £9m fundraise consists of a £5.3m investment from Fleetcor and a
£3.7m investment from Good Energy, who will provide £2.7m in new funds
following the repayment of a £1.05m loan.

·     Alongside this, the £1m convertible loan note issued in April 2021
by Good Energy has also converted into shares.

·    Following the transaction, Good Energy will have a significant
minority 49.9% shareholding and Fleetcor will have a shareholding of 19.9%.

·    Good Energy originally invested £1.08m for a 50.1% stake in March
2019, with a further £1m strategic   investment via a convertible loan note
in April 2021.

·      For the period to 31 December 2021, Zap-Map made a financial loss
of £1.1m.

·      Good Energy's investment has been funded from its existing cash
reserves.

 

EV charging made simple

Zap-Map has cemented its position in the UK as the 'go-to' app for the EV
driver and for EV charging data. A capital light, technology platform
business, which focuses on three core areas in the EV industry:

 

·    Mapping. Functionality core to the platform and EV driver experience.
Making EV charging simple for all, with visibility of over 95% of the UK's
public charge points and live dynamic data for over 70% of the UK EV charging
network.

·    Payment. Leading interoperable payment solution, providing payment
capabilities for all EV drivers and helping to accelerate EV adoption by
removing payment barriers.

·    Data & insights. Over 10 years of unique data sets to help
understand EV adoption and driver behaviours. Providing insights across the EV
ecosystem on utilisation, adoption and behaviour to help future proof
solutions.

 

Zap-Map is playing a key role for all EV drivers in this transition by
enabling them to search, plan and pay for EV charging in one app whilst
receiving real time updates in car.

 

Zap-Map and Allstar Electric

Zap-Map's existing collaboration with Fleetcor-owned Allstar Electric allows
Allstar Electric customers to search, plan and pay for EV charging through
Zap-Map, the UK's No.1 EV charging app.

 

·   The Zap-Map app filters help Allstar drivers find their nearest Allstar
enabled charge points, easing range anxiety and assisting journey planning.

·    Allstar customers can now also pay for charging using Zap-Pay across
participating networks.

 

Drivers can now download the Zap-Map app and add their Allstar Electric card
to activate Allstar features, enabling them to pay for EV charging at
participating sites on the Allstar network via Zap-Pay. A single-app payment
system, Zap-Pay avoids the hassle of using multiple payment methods across
different networks.

 

In addition to in-app payments, Allstar's customers can also benefit from
enhanced features in the app, free of charge. Customers will be able to search
for charge points across the entire Allstar electric charging network using
Zap-Map's filters and map view. Additionally, drivers will have access to
charge point information and site availability updated in real time, while
being able to plan and save routes via the in-app route planner.

 

Allstar Electric card holders can track their Zap-Map charging history and
vehicle mileage through the app, providing simplified solutions to help
businesses that need to charge on the road. All charging transactions made
using Allstar Electric cards through the Zap-Map app are streamlined on one
consolidated HMRC compliant invoice for businesses to help save both time and
costs.

Allstar will continue to add accepting sites to its electric network
throughout 2022.

 

Enquiries

 Good Energy Group PLC                                                    Email: press@goodenergy.co.uk (mailto:press@goodenergy.co.uk)

 Nigel Pocklington, Chief Executive

 Charlie Parry, Director of Corporate Strategy & Investor Relations

 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)
 Sara Hale / Jeremy Ellis                                                 Tel: +44 (0) 20 7597 5970

 Canaccord Genuity Limited (Joint Broker)                                  Tel: +44 (0) 20 7523 4617

 Henry Fitzgerald - O'Connor

 

 

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 1,900
independent UK generators.

 

Since it was founded 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.

 

About Zap-Map www.zap-map.com
(https://investegate.co.uk/good-energy-group--good-/rns/un-audited-results-for-12-months-ended-31-dec-2021/202203290700103130G/www.zap-map.com)
 

Launched in June 2014, with a mission to accelerate the shift to electric
vehicles (EV) and help the drive towards zero carbon mobility, Zap-Map is the
UK's leading EV mapping service. The charging point map, available on desktop
and iOS/Android apps, helps EV drivers to search for available charge points,
plan longer journeys, pay for charging on participating networks and share
updates with other drivers.

Zap-Map currently has more than 420,000 registered users and over 95% of the
UK's public points on its network, with around 70% being updated with live
availability status data. More than 220,000 EV drivers use Zap-Map each month
out of an EV parc of 520,000,000 (SMMT June 2022).

About FLEETCOR

FLEETCOR Technologies (NYSE: FLT) is a leading global business payments
company that helps businesses spend less by providing innovative solutions
that enable and control expense-related purchasing and payment processes. The
FLEETCOR portfolio of brands automate, secure, digitize and manage payment
transactions on behalf of businesses across more than 100 countries in North
America, Latin America, Europe, and Asia Pacific.  For more information,
please visit www.FLEETCOR.com.

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