Good Enrg Regulatory News (GOOD)

Good Energy Group PLC

("Good Energy" or the "Company")

Zap-Map raises £9m Series A funding including investment from Fleetcor and Good Energy

· £5.3m new investment from Fleetcor provides strategic opportunities to leverage Fleetcor's global footprint and partnerships with electric vehicle ("EV") fleets and charging providers in support of Zap-Map's international expansion plans

· Good Energy invests £3.7m in line with its strategy to make it simple for people to generate, share, store, use and travel with clean power

Good Energy, the 100% renewable electricity supplier and energy services provider, is pleased to announce that Zap-Map, the UK's leading EV charge point mapping service, has successfully completed a £9m Series A fundraising, valuing Zap-Map at £26.3m post money equity value.

This includes a further £3.7m investment from Good Energy and a £5.3m investment from new strategic investor Fleetcor UK Acquisition Limited ("Fleetcor"), the leading global fuel card and payment provider with a US$17 billion market cap. Renowned market leader in the UK, with over 70% share of the rapidly growing EV driver market registered, Zap-Map's commercial goals include building on its paid-subscription services and initiating international expansion. The funds raised are expected to fuel the expansion of Zap-Map's development team to deliver its product roadmap and could pave the way for Zap-Map's international expansion.

Fleetcor processes billions of electronic transactions a year and recorded annual revenue of $2.8 billion in 2021. Its strategic investment builds on an existing partnership which sees Fleetcor's Allstar Business Solutions integrated into Zap-Map's Zap-Pay product, which is designed to make EV charging payment simple. Zap-Pay has already integrated with nine charging networks.

Good Energy's participation in the round is in line with its strategy to build a platform which makes it simple for people to generate, share, store, use and travel with clean power. Zap-Map has a strong role in its three-pronged strategy across clean energy supply, energy services and transport. The Company's ambition is to help one million homes and businesses cut carbon levels by 2025.

Nigel Pocklington, Chair of Zap-Map and Chief Executive of Good Energy said:

"I'm very excited to announce this new investment, which is a huge boost for Zap-Map's growth plans. There are over half a million EV drivers in the UK, with millions more switching to electric in the coming years. It is a race towards zero-emission transport and Zap-Map is placed right at the front of the field, where we plan to keep it. Bringing on a partner with the scale and compatibility of Fleetcor ensures that that is possible, opening up further possibilities in international payments and fleet electrification."

Richard Bourne, Chief Executive of Zap-Map, said:

"This fundraising round allows us to accelerate Zap-Map's core mission - making it simple for current and future electric vehicle drivers to plan journeys, search and pay for electric vehicle charging. Good Energy has proven a powerful partner to date and we are delighted to have a new strategic collaboration with Fleetcor which will supercharge our ambition to accelerate the provision of services to the fleet market and allow us to look ahead and expand internationally."

Transaction summary

Good Energy previously announced its intention to participate in the Series A funding round being undertaken by Next Green Car Limited ("NGCL"), owner of Zap-Map.

Following a competitive process, the Series A funding round has been successfully completed with Fleetcor UK Acquisition Limited ("Fleetcor") and Good Energy investing in the round. Details of the transaction are: 

· Fundraise amount of £9m, based on a pre-money enterprise valuation of £18.35m, pre money equity value of £17.3m and a post money equity valuation of £26.3m.

· The £9m fundraise consists of a £5.3m investment from Fleetcor and a £3.7m investment from Good Energy, who will provide £2.7m in new funds following the repayment of a £1.05m loan.

· Alongside this, the £1m convertible loan note issued in April 2021 by Good Energy has also converted into shares.

· Following the transaction, Good Energy will have a significant minority 49.9% shareholding and Fleetcor will have a shareholding of 19.9%.

· Good Energy originally invested £1.08m for a 50.1% stake in March 2019, with a further £1m strategic investment via a convertible loan note in April 2021.

· For the period to 31 December 2021, Zap-Map made a financial loss of £1.1m.

· Good Energy's investment has been funded from its existing cash reserves.

EV charging made simple

Zap-Map has cemented its position in the UK as the 'go-to' app for the EV driver and for EV charging data. A capital light, technology platform business, which focuses on three core areas in the EV industry:

· Mapping. Functionality core to the platform and EV driver experience. Making EV charging simple for all, with visibility of over 95% of the UK's public charge points and live dynamic data for over 70% of the UK EV charging network.

· Payment. Leading interoperable payment solution, providing payment capabilities for all EV drivers and helping to accelerate EV adoption by removing payment barriers.

· Data & insights. Over 10 years of unique data sets to help understand EV adoption and driver behaviours. Providing insights across the EV ecosystem on utilisation, adoption and behaviour to help future proof solutions.

Zap-Map is playing a key role for all EV drivers in this transition by enabling them to search, plan and pay for EV charging in one app whilst receiving real time updates in car.

Zap-Map and Allstar Electric

Zap-Map's existing collaboration with Fleetcor-owned Allstar Electric allows Allstar Electric customers to search, plan and pay for EV charging through Zap-Map, the UK's No.1 EV charging app.

· The Zap-Map app filters help Allstar drivers find their nearest Allstar enabled charge points, easing range anxiety and assisting journey planning.

· Allstar customers can now also pay for charging using Zap-Pay across participating networks.

Drivers can now download the Zap-Map app and add their Allstar Electric card to activate Allstar features, enabling them to pay for EV charging at participating sites on the Allstar network via Zap-Pay. A single-app payment system, Zap-Pay avoids the hassle of using multiple payment methods across different networks.

In addition to in-app payments, Allstar's customers can also benefit from enhanced features in the app, free of charge. Customers will be able to search for charge points across the entire Allstar electric charging network using Zap-Map's filters and map view. Additionally, drivers will have access to charge point information and site availability updated in real time, while being able to plan and save routes via the in-app route planner.

Allstar Electric card holders can track their Zap-Map charging history and vehicle mileage through the app, providing simplified solutions to help businesses that need to charge on the road. All charging transactions made using Allstar Electric cards through the Zap-Map app are streamlined on one consolidated HMRC compliant invoice for businesses to help save both time and costs.

Allstar will continue to add accepting sites to its electric network throughout 2022.

Enquiries

About Good Energy www.goodenergy.co.uk

Good Energy is a supplier of 100% renewable power and an innovator in energy services. It has long term power purchase agreements with a community of 1,900 independent UK generators.

Since it was founded 20 years ago, the Company has been at the forefront of the charge towards a cleaner, distributed energy system. Its mission is to power a cleaner, greener world and make it simple to generate, share, store, use and travel by clean power. Its ambition is to support one million homes and businesses to cut carbon from their energy and transport used by 2025.

Good Energy is recognised as a leader in this market, through green kite accreditation with the London Stock Exchange, Which? Eco Provider status and Gold Standard Uswitch Green Tariff Accreditation for all tariffs.

About Zap-Map www.zap-map.com 

Launched in June 2014, with a mission to accelerate the shift to electric vehicles (EV) and help the drive towards zero carbon mobility, Zap-Map is the UK's leading EV mapping service. The charging point map, available on desktop and iOS/Android apps, helps EV drivers to search for available charge points, plan longer journeys, pay for charging on participating networks and share updates with other drivers.

Zap-Map currently has more than 420,000 registered users and over 95% of the UK's public points on its network, with around 70% being updated with live availability status data. More than 220,000 EV drivers use Zap-Map each month out of an EV parc of 520,000,000 (SMMT June 2022). 

About FLEETCOR

FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that helps businesses spend less by providing innovative solutions that enable and control expense-related purchasing and payment processes. The FLEETCOR portfolio of brands automate, secure, digitize and manage payment transactions on behalf of businesses across more than 100 countries in North America, Latin America, Europe, and Asia Pacific. For more information, please visit www.FLEETCOR.com.