March 6 (Renewables Now) – Good Energy Group Plc (LSE:GOOD) has announced a strategic investment and the acquisition of a majority stake in Next Green Car Ltd (NGCL), the developer of charging station locator app Zap-Map.
Good Energy will invest a maximum of GBP 1.8 million (EUR 2.1m/USD 2.4m), structured to cover the initial acquisition of a 12.9% stake for the cash amount of GBP 280,000. The total consideration also includes a further investment of GBP 800,000, divided into three tranches, along with a deferred consideration of up to GBP 720,000. The stake can increase to 50.1% if certain product and financial targets are achieved by December 2021, the UK renewable energy company said Tuesday.
Good Energy’s interest in Zap-Map stems from the app’s ability to identify UK’s charging stations for electric vehicles (EV) and share the relevant information with its 70,000 monthly users. The number of Zap-Map’s users, as well as the number of charging points in the app’s network, have been on the rise.
The company also highlighted the growth potential of the UK EV market underpinned by the government’s strategy to boost the share of new EVs to 60% by 2030.
(GBP 1.0 = EUR 1.16/USD 1.32)