Good Energy Group has invested a further £1.85 million into EV chargepoint mapping service Zapmap through an extension of its existing secured convertible loan note.
Good Energy, a renewable electricity supplier and energy services provider, holds 49.9% of the issued share capital of Zapmap. It first entered into the convertible loan note in June 2024 with an investment of £1.7 million, and the additional £1.85 million will likely be drawn in four tranches during 2025 and accrue interest at 12% per year.
Good Energy’s first investment in Zapmap was made in 2019 and the total that the company has provided is about £9.35 million, including this most recent strategic investment.
The investment announcement comes days after it was revealed that Good Energy had agreed to sell its entire issued and to be issued share capital to Dubai-based energy technology firm Esyasoft for £99.4 million.
Esyasoft uses AI technologies in a network of EV charging stations, metering systems, and software packages, but has been moving towards becoming a smart “energy as a service” business which covers a wide array of services for its clients.
In November 2024, Good Energy piloted an automated flexibility initiative that saw Good Energy customers earn between £5 and £20 a month without actively adjusting their energy usage.
Commenting on the acquisition, Nigel Pocklington, CEO of Good Energy, said Esyasoft shares the company’s “sustainable energy vision” and that its financial resources and presence in new markets “presents a significant increase in our potential”.
Zapmap investment to expand chargepoint mapping service
Zapmap is aiming to break even this year, beginning to extend its services into the US and European markets. Its consumer app has over 1.54 million downloads and 860,000 registered users.
It also offers an API product that offers other organisations the ability to embed Zapmap data in their own digital products, Zapmap Spark, and its Zapmap Insights provides a source of data on the UK’s EV charger rollout to businesses and organisations, including the Department for Transport.