By Jaime Llinares Taboada
Good Energy Group PLC said Thursday that it will sell its energy-generation portfolio to invest in electric-vehicle mapping platform Zap-Map, and to grow its energy services business.
The U.K. renewable-electricity supplier said the sale of its entire 47.5-megawatts of generation assets is expected to be completed in the first quarter of 2022. The portfolio had a net book value of 56.8 million pounds ($75.7 million) as at June 30.
In addition, Good Energy said it intends to participate in Zap-Map's current founding round, which is expected to raise GBP7 million and fund the platform's first steps of international expansion. Good Energy said Zap-Map has more than 290,000 users, and that more than 75% of U.K. electric-vehicle drivers have downloaded it.
The London-listed company said it is investing GBP1 million to deliver a new platform for its decentralized energy service business, which will be rolled out during the first half of 2022.
"Our job is done as a developer and asset owner as we focus on the new frontiers--the electrification of transport and decentralized energy generation," Chief Executive Nigel Pocklington said.
Good Energy said there remains a route to achieve full-year expectations despite the continued volatility in the energy industry that will put short-term financial pressure on its supply business. Specifically, the company warned of unforecast costs of up to GBP1 million through the U.K.'s Renewables Obligation and Feed in Tariffs levy mutualization processes, and GBP1.5 million of additional commodity costs.
Shares at 0817 GMT were down 3.5% at 275 pence.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
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Good Energy to Exit Power Generation, Accelerate Investment in Energy, Mobility Services - MarketWatch
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