Enova launches share offer 

Enova Community Energy has launched a crowdfunding campaign to branch out into other states. File photo

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.

Enova Energy MD Tony Pfeiffer.

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.


Leave a Reply

Your email address will not be published. Required fields are marked *


Become a supporter of The Echo

A note from the editorial team

Some of The Echo’s editorial team: journalists Paul Bibby and Aslan Shand, editor Hans Lovejoy, photographer Jeff Dawson and Mandy Nolan

The Echo has never underestimated the intelligence and passion of its readers. In a world of corporate banality and predictability, The Echo has worked hard for more than 30 years to help keep Byron and the north coast unique with quality local journalism and creative ideas. We think this area needs more voices, reasoned analysis and ideas than just those provided by News Corp, lifestyle mags, Facebook groups and corporate newsletters.

The Echo is one hundred per cent locally owned and one hundred per cent independent. As you have probably gathered from what is happening in the media industry, it is not cheap to produce a weekly newspaper and a daily online news service of any quality.

We have always relied entirely on advertising to fund our operations, but often loyal readers who value our local, independent journalism have asked how they could help ensure our survival.

Any support you can provide to The Echo will make an enormous difference. You can make a one-off contribution or a monthly one. With your help, we can continue to support a better informed local community and a healthier democracy for another 30 years.”

Echonetdaily is made possible by the support of all of our advertisers.