Good Energy Group PLC Further strategic investment in Zapmap Limited

RNS Number : 5223V

Good Energy Group PLC

31 January 2025

 

31 January 2025

Good Energy Group PLC
("Good Energy" or the "Company")

Further £1.85 million strategic investment in Zapmap Limited

Good Energy Group PLC (AIM: GOOD), the renewable electricity supplier and energy services provider, is pleased to announce that it has made a further £1.85 million strategic investment into Zapmap Limited ("Zapmap") through an extension of its existing secured convertible loan note.

Good Energy currently holds 49.9% of the issued share capital of Zapmap.  Today's investment of a further £1.85 million has been made through the secured convertible loan note that was entered into in June 2024.  It is anticipated that this new sum will be drawn in four tranches during 2025.  This further sum will accrue interest at 12% per annum.

Good Energy can convert the full amount of the loan (including the £1.7 million provided in June 2024) into equity at the earlier of a sale of the business, subsequent funding rounds or on or after 31 January 2027, at a material discount.  Including this latest convertible loan, Good Energy has provided funding totalling approximately £9.35 million to Zapmap since its initial investment in 2019.  Good Energy's latest investment has been funded from its existing cash reserves.

 

Enquiries

Good Energy Group PLC
Nigel Pocklington, Chief Executive Officer Ian McKee, Head of Communications	Email: [e-mail]
SEC Newgate UK	Email: [e-mail]
Elisabeth Cowell / Molly Gretton	Tel: [phone]
Canaccord Genuity Limited (Nominated Adviser and Joint Broker)
Henry Fitzgerald - O'Connor / Harry Rees	Tel: [phone]
Panmure Liberum Limited (Joint Broker)
Edward Mansfield / William King / Josh Moss	Tel: [phone]

 

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 2,000 independent UK generators.

Since it was founded over 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.

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