Good Energy has upped its stake to become a the majority holder in electric vehicle (EV) app, Zap-Map.
The supplier now owns 50.1% of the app, increasing its share from 12.9%, purchased last March for £1.08 million. With the initial purchase came the option to increase its shares to a majority holding within two years for a maximum investment of £1.8 million, funded through Good Energy cash reserves, which it has now taken advantage of.
Together, Good Energy and Zap-Map will now work together on developing and rolling out a range of new products and services. These will include a single payment solution and a comprehensive data insights platform, along with significantly increased in-car functionality that will see them partner with car manufacturers to improve EV user experience.
Melanie Shufflebotham, co-founder of Zap-Map, said the partnership has been vital through a key period of development for the app, and will continue to be as they look to launch a “number of innovative products".
“Electric vehicles are taking record market share, but we remain at a critical inflection point as government and businesses look to provide the products and services for drivers to encourage adoption of EVs. This investment ensures that we will remain at the forefront of the EV market delivering products to make charging simple for to both drivers and businesses.”
Good Energy has increasingly looked to cement its place in the EV sector, launching its own EV charging service One Point in October 2019. Recently, it partnered with Cambridge-based software provider Jumptech to support the service.
Juliet Davenport, founder and chief executive officer of Good Energy, said: “The opportunity for Zap-Map to play an important role in the green economic recovery is obvious. With electric vehicles playing a key role in the future government strategy, and commitments to phase out petrol and diesel new vehicle by 2030, Zap-Map is perfectly placed to take advantage of future growth in the EV marketplace.
“For Good Energy, the strategic investment brings synergies across our new propositions including One Point, our business EV proposition and One Home our strategic development for householders. We are really exited take the next step in supporting Zap-Map on its strategic journey.”