Zapmap has received a strategic investment from Good Energy Group of £1.7 million through a convertible loan note. Good Energy holds 49.9% of the issued share of Zapmap.
Including this latest convertible loan, Good Energy has provided funding totalling approximately £7.5 million to Zapmap since its initial investment in 2019. Zapmap aims to reach breakeven in 2025. It plans to continue focusing on the UK market while also offering mapping in the US and other European markets.
Zapmap’s consumer app has already successfully established itself as a leading app for EV drivers, with over 1.54 million downloads and 860,000 registered users. The investment will enable Zapmap to keep growing its business-to-business offerings, Zapmap Spark and Zapmap Insights
Zapmap Spark, launched in October 2023, is an API product that offers other organisations the ability to embed Zapmap data in their own digital products. With “the UK’s most comprehensive” database of public EV charging, Zapmap Insights provides a source of data on the UK’s EV charger rollout to businesses and organisations, including the Department for Transport.
Current±’s report that in 2023 energy prices drove up the overall cost of high-powered charging on the public network by 11% was based on Zapmap data.
Nigel Pocklington, CEO of Good Energy and chair of Zapmap, said: “Zapmap is playing a critical role not only to hundreds of thousands of EV drivers, but to the UK’s decarbonisation pathway through the data and technology it has built.
We are proud to have supported the company in building a significant userbase, maintaining share in the rapidly growing EV driver market. We are confident that their burgeoning offerings to businesses and other organisations in Spark and Insights will see similar success.”
