Locally based and community-owned renewable energy retailer, Enova Community Energy, says it has partnered with one of the country’s first equity crowdfunding platforms, Crowd88, to fund its expansion across NSW, Qld, Vic and SA.
Enova’s 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.’
The July Enova shareholder newsletter says, ‘Our intention is to target $3m. The shares issued will be $1 each, with a minimum purchase of $100… This will make it easier for many more members of the Enova community to participate and make Enova the true community-based organisation we want it to be.
Existing class A shares split
‘Consequently, the Board has resolved to split the existing A class shares… We have now agreed that the company is fairly valued at $5 million prior to the offer, so for each 1 share you hold, you will now receive an additional 1,249 shares making 1,250 shares in total rather than the 1,000 shares previously advised. This will mean for example, that if you previously held 2 shares, you will now have 2,500 ($1.00) shares, and if you held 4 shares you will now have 5,000 ($1.00) shares.’
The Echo asked Mr Pfeiffer, ‘In light of this announcement, will this dilute the shareholding of the existing Enova shareholders?
Pfeiffer replied, ‘The additional shareholders will be adding more capital so the overall value of the company will increase in line with number of additional shareholders. Moreover, while there will be more shareholders to participate in returns, the increased investment will strengthen the company and make it possible to grow more rapidly and return greater benefits for both shareholders and, via the not for profit arm, the communities served.’
Enova says it has already achieved its initial target customer numbers of 5,000, including 300 local businesses, and is generating $5.2 million in annual revenue.