Enova Community Energy Ltd is providing a unique opportunity for participation in building Australia’s first community-owned renewable energy retailing and technology business. Following a successful capital raise in late 2015, Enova is currently building it’s operations.
As a social enterprise, Enova Energy has been formed by local residents of the Northern Rivers region to focus on delivering environmental and community benefits as well as making returns to community investors.
Enova Energy is and will remain majority owned by the community (as shareholders) as written into the constitution.
Enova Energy will provide community benefits through direct employment and flow on jobs in many areas of the community.
Dividends will return to the community, and a constitutionally guaranteed 50 per cent of net profits after tax and reinvestment will flow back into projects that benefit the community.
More than one third of Australia’s greenhouse gas emissions come from the burning of fossil fuels, mainly coal, to produce electricity.
Australia has the industrialised world’s highest greenhouse gas emissions per head of population. At Enova Energy we want to encourage energy users to switch from using electricity produced from fossil fuels to clean renewable energy.
As we are building a community-owned company we want to support the local renewable industry where possible. Initially there will not be enough renewable energy generated locally to meet all the needs of Enova Energy, therefore we will have to source renewable energy from beyond this region, but as new sources come on stream locally, we will enter into supply contracts which are both supportive of the local industry and affordable for our customers.
Over time we want to give customers the choice of which renewable energy project in the region they wish to support.
Today three large energy companies all involved with CSG dominate the retail space. Backed by their large fossil fuel generation, they account for a third of Australia’s greenhouse gas emissions. Supported by distribution companies with a central grid mindset, electricity is transported hundreds of kilometres, incurring significant losses along the way.
Developments in renewable energy generation and battery technology mean steadily falling system costs. Combined with existing complex pricing structures, low feed in tariffs for newer connections to solar, and the ending of the premium feed in tariff in 2016, means people increasingly want to try alternative structures – with and without the grid.
At Enova Energy, we know there are better ways.
We have built our business model to meet customers’ needs today and to adapt nimbly to the coming changes. Rather than the one size fits all approach currently offered, our systems will be flexible enough to support local community groups with their own unique offers.
As the energy industry decentralises, Enova Energy aims to become the community’s energy solution provider.
A worthy goal with new technology !