Geo Energy Invests in EV Producer Charged Asia

By Editorial Team 29/08/2023
electric battery station
Summary

Singapore-based low-calorie coal producer Geo Energy diversified its business, marking its entry into the electric vehicle sector with an investment in Charged Asia (CAPL), a prominent electric motorcycle manufacturer based in Singapore.

The newly established subsidiary of Geo Energy, named Geo Electric, is facilitating this venture by disbursing a US$4 million loan to CAPL. Under the loan term, Geo Electric has secured the right to convert the principal loan amount, along with accrued interest, into equity shares within CAPL. 

According to Geo Energy, the loan has an annual interest of 12 percent for 24 months or until conversion, whichever is earlier. Geo will also have an option to further increase its investment in CAPL up to an additional US$36 million to become the majority shareholder.

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