TIDMGOOD
RNS Number : 1677V
Good Energy Group PLC
08 August 2022
Good Energy Group PLC
("Good Energy" or the "Company")
Zap-Map raises GBP9m Series A funding including investment from
Fleetcor and Good Energy
-- GBP5.3m 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 GBP3.7m 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 GBP9m Series A fundraising, valuing Zap-Map at GBP26.3m post
money equity value.
This includes a further GBP3.7m investment from Good Energy and
a GBP5.3m 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 GBP9m, based on a pre-money enterprise
valuation of GBP18.35m, pre money equity value of GBP17.3m and a
post money equity valuation of GBP26.3m.
-- The GBP9m fundraise consists of a GBP5.3m investment from
Fleetcor and a GBP3.7m investment from Good Energy, who will
provide GBP2.7m in new funds following the repayment of a GBP1.05m
loan.
-- Alongside this, the GBP1m 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 GBP1.08m for a 50.1% stake in
March 2019, with a further GBP1m strategic investment via a
convertible loan note in April 2021.
-- For the period to 31 December 2021, Zap-Map made a financial loss of GBP1.1m.
-- 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
Nigel Pocklington, Chief Executive
Charlie Parry, Director of Corporate Strategy
& Investor Relations
Ian McKee, Head of Communications Email: press@goodenergy.co.uk
SEC Newgate UK Email: GoodEnergy@secnewgate.co.uk
Elisabeth Cowell / Molly Gretton Tel: +44 (0)7900 248213
Investec Bank plc (Nominated Adviser
and Joint Broker)
Tel: +44 (0) 20 7597
Sara Hale / Jeremy Ellis 5970
Canaccord Genuity Limited (Joint Broker) Tel: +44 (0) 20 7523
Henry Fitzgerald - O'Connor 4617
About Good Energy 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
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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