- Enova Community Energy reinforces reputation for innovation with equity crowdfunding campaign
- Ability to invest as little as $100 in current raising via equity crowdfunding pioneer Crowd88 with offer ending October 4 2018
- Australia’s first community owned energy retailer is expanding
Australia’s first community owned renewable energy retailer, Enova Community Energy, is partnering with one of the country’s first equity crowdfunding platforms, Crowd88, to fund its expansion across New South Wales, Queensland, Victoria and South Australia.
Equity crowdfunding only became possible in Australia this year but has existed in the UK since 2011. Enova’s focus on community-led energy ownership has seen the company successfully establish itself since it launched two years ago. The current equity crowdfunding which ends on October 4 aims to generate between $600,000 and $3 million with a minimum investment of just $100 for 100 shares possible. Enova has already achieved its initial target customer numbers of 5000, including 300 local businesses, and is generating $5.2 million in annual revenue.
“Enova is a social enterprise. We are tracking towards a 100% renewable model where local homes and businesses produce, consume and share Australia’s abundant solar resource, supported by other sources of renewables and batteries,” Enova Chair Alison Crook AO said.
“Our profits will be shared between our investors and our non-profit arm that installs renewables in low income housing, delivers energy efficient services and energy education, and co-designs innovative local renewable energy generation projects including enabling renters to participate in the solar revolution. Our customers choose to be part of our renewable revolution and can be suppliers and end users – there’s no separation. This capital raising will allow us to meet the growing demand for renewable energy at a consumer and investor level.”
Crowd88 is facilitating Enova’s crowd-sourced funding raise (https://www.crowd88.com/en/company/enova-energy/tab/enova-offer/). Crowd88 holds crowdfunding licenses in both Australia and New Zealand.
“Equity crowdfunding is a new source of capital raising for companies in Australia which provides both retail and wholesale investors the opportunity to invest in trailblazing companies like Enova,” Crowd88 CEO Craig Skien said.
“We are thrilled to have Enova conducting their equity crowdfunding raise on Crowd88, and to be bringing this opportunity to all Australians.”
According to a 2018 Climate Council report, between 2016-2017, solar installations by businesses in Australia increased by over 60%. Australia currently leads the world in rooftop solar with 172,000 solar households as of 2017.
Enova Managing Director, Tony Pfeiffer, says the appetite for renewables across Australia continues to grow rapidly and provides a strong business case for investors looking share in and support Enova’s expansion plans to meet this demand.
“Right around the world people are taking back their energy sources and we know that Australian consumers and investors want to be part of Enova’s community-driven clean energy transition,” says Pfeiffer.
“A future powered by renewable energy, shared within communities and generated locally to minimise waste and costs is possible for every Australian. We’re currently developing a solar garden which will enable renters and other householders who can’t have solar panels on their homes to purchase them in a community-owned set-up.”
“Making clean energy more available in the way we do at Enova ultimately makes renewable energy more affordable which is part of why we are growing so rapidly in the current energy market in Australia. We’re disruptors and proud of it.”
CORPORATIONS REGULATIONS 2001 – RISK WARNING ABOUT CROWD-SOURCED FUNDING
- Crowd-sourced funding is risky. Issuers using this facility include new or rapidly growing ventures. Investment in these types of ventures is speculative and carries high risks.
- You may lose your entire investment, and you should be in a position to bear this risk without undue hardship.
- Even if the company is successful, the value of your investment and any return on the investment could be reduced if the company issues more shares.
- Your investment is unlikely to be liquid. This means you are unlikely to be able to sell your shares quickly or at all if you need the money or decide that this investment is not right for you.
- Even though you have remedies for misleading statements in the offer document or misconduct by the company, you may have difficulty recovering your money.
- There are rules for handling your money. However, if your money is handled inappropriately or the person operating the platform on which this offer is published becomes insolvent, you may have difficulty recovering your money.
- Ask questions, read all information given carefully, and seek independent financial advice before committing yourself to any investment.