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Good Energy buys stake in electric vehicle charge points app

Good Energy will buy 12.9% of Next Green Car, the owner of Zap-Map, with an option to increase its stake to 50.1%
charge point
Zap-Map helps EV drivers identify charge points on their journey

Good Energy Group PLC (LON:GOOD) has put down a marker in the burgeoning electric vehicle space by taking a stake in Zap-Map, an app that identifies the location and availability of charge points.

The deal will see Good Energy initially buy 12.9% of Next Green Car, the owner of Zap-Map, with the option to increase its stake to 50.1% over the next two years.

READ: Good Energy Group boosted by strong cash generation, trading ‘slightly ahead’

Zap-Map has 70,000 monthly users with 11,000 charging devices located across service stations, car parks, retail sites and private driveways. NIssan also licenses its live mapping service for its customer portal.

Juliet Davenport, Good Energy’s chief executive, said: "The way we view energy is changing. Environmental challenge and digital opportunity are converging; intelligent power sharing is replacing conventional power supply.

“The deal will help fund and accelerate Zap-Map's product development as it realises the full potential of its digital EV charging services.“

Good Energy will pay an initial £1.08mln through cash and loan notes, a sum that can rise to a maximum £1.8mln.

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