Infrastructure + technology

Good Energy invests in Zapmap

Renewable electricity firm Good Energy Group has announced that it has made a further £1.85 million strategic investment into Zapmap.
_
James Evison

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.

Image from Shutterstock

Related content

Energy

UK Power Networks highlights innovation

A global innovation competition aims to boost the intelligence of the UK’s first smart substations and build resilience ...
Energy

Legacy energy infrastructure “biggest challenge” for net zero

Without addressing data science "roadblocks" and outdated infrastructure it is "futile" to have sustainability and net-z...

Input your search keywords and press enter.

Be the first to know. Subscribe to our newsletter and never miss a story.

Our weekly newsletter delivers a round-up of the top stories from the sectors, along with our insight on the main events that week. Our highly engaged subscribers find our newsletter essential reading as a snapshot of what’s happening.