Renewable electricity firm Good Energy Group has announced that it has made a further £1.85 million strategic investment into Zapmap.
The move will see the company provide a further £1.85 million strategic investment in 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.
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