Good Energy has seen a rise in users for its Zap-Map platform whilst also posting a revenue increase of 57.4% to £107 million amid the energy crisis.
Rising wholesale gas prices have seen 100% renewable electricity supplier Good Energy increase its revenue for the sixth months ending 30 June 2022 to £107.6 million, an increase from the same time last year which stood at £68.4 million.
Renewable energy has become an increasingly valuable resource amid the energy crisis with many citing it as a means to decrease the reliance on fossil fuels and turn the tide in rising fossil fuel prices.
On her second day in office, Prime Minister Liz Truss unveiled a range of measures to help mitigate the impact of the energy crisis.
Core to this is a freeze of the price cap for two years, along with measures to help businesses and boost energy security in the long run. This could enable businesses to operate into 2023 and beyond, creating stability in the UK markets. These are however temporary until a long-term solution is developed.
“The global energy crisis is escalating further. Russia’s stranglehold on gas supplies to Europe has been magnified by further shortages and uncertainty, driving energy prices in the UK to fresh highs,” said Nigel Pocklington, CEO of Good Energy.
“We have been vocal in stating that the only solution in the short term is government support and demand reduction, with an accelerated roll out of renewables in the medium to longer term. We are now pleased to see the government take meaningful steps to help customers through winter and beyond.”
Good Energy has been shifting its focus towards further investment within the renewable space. This has seen the company develop a robust platform for future growth and resilience.
A key factor of this is remaining substantially debt free with a strong cash and cash equivalents position of £22.2 million as of the end of August 2022. In achieving this, it enables continued investment across the business and provides sufficient working capital to support renewable practices and innovation.
“We remain a substantially debt free business with a strong balance sheet, which is of benefit to all our stakeholders, and have taken tangible steps to invest in our future, in both new products for solar customers and supporting Zap-Map’s growth by powering electric vehicle drivers,” said Pocklington.
One such area of growth, as indicated by Pocklington, is the expansion of Good Energy’s Zap-Map platform – an electric vehicle (EV) chargepoint mapping service making EVs more accessible to the general public.
The platform recently raised £9 million through a Series A round. The Series A round saw the company’s valuation grow from a pre-money enterprise valuation of £18.35 million and an equity value of £17.3 million, to £26.3 million post-money equity value.
Zap-Map is planning to use this new funding to build on its paid-subscription services and start its international expansion, including increasing the size of its development team.
According to Good Energy, Zap-Map registered users increased 105% to 455,000 over the year, reflecting continued strong growth in electric vehicle uptake. Mapping data includes 95% of the UK’s public charging points on its network, while over 75% of the UK’s EV drivers have downloaded Zap-Map.
“Despite the pressures of the wider market, I am pleased with the resilient performance and continued delivery on our growth strategy during the period,” Pocklington said.
“Demand for clean energy products like solar, storage and electric vehicles is soaring as customers look to cut costs and gain control of their energy. Our mission to help one million homes and businesses cut carbon from their energy and transport use by 2025, and supporting the growth of renewable generation, has never been more needed.”