Good Energy Group (LON: GOOD) said it has made a further £1 million investment into Zap-Map's parent company Next Green Car Ltd.
Good Energy made its first investment into Next Green Car in 2019 and has a 50.1% majority ownership.
The investment in the owner of Zap-Map, an electric Vehicle mapping service, is via a convertible loan note and will help the company to fund the next stage of growth and scale commercial opportunities.
The loan note comprises three broadly equal and separate tranches of investment throughout 2021, and Good Energy can exercise the conversion of the loan at the earlier of subsequent funding rounds, or a longstop date of 12 months from the date of the agreement, at a material discount.
Zap-Map recent released its EV payment service, Zap-Pay and continues to see “significant” growth in registered users, according to Good Energy.
Zap-Map also entered into a head of terms agreement with Fleetcor UK, part of business payments firm Fleetcor, to integrate its Zap-Pay solution with the Allstar payment platform. It will cover commercial fleets of vehicles to deliver a solution to remove the payment complexities for businesses and commercial fleets.
Juliet Davenport, Founder and CEO of Good Energy and Zap-Map’s chair, said: “This investment in Zap-Map will allow them to accelerate their proven products and provide much needed services for the growing number of EV drivers in the UK and beyond. With a strong pipeline of opportunities we are excited about what the future holds for Zap.”
Good Energy Group's share price is up 2.5% following today's announcement at 225p per share.
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