September 10 (Solar) – Enova Energy, Australia’s first community-owned renewable energy retailer, is looking to raise up to AUD 3 million (USD 2.1m/EUR 1.9m) in a crowdfunding campaign to support its expansion into other parts of the country.
Through the Crowd88 platform, Northern Rivers-based Enova will allow a minimum investment of just AUD 100 for 100 shares. The equity crowdfunding ends on October 4. The company will use the proceeds to fund its expansion across New South Wales, Queensland, Victoria and South Australia.
The appetite for renewable energy in Australia continues to grow rapidly, says Enova Managing Director Tony Pfeiffer. He believes that this provides a strong business case for investors willing to get involved and support the firm’s expansion plans.
Enova is a social enterprise with a retail electricity license for the National Electricity Market (NEM). It sells electricity to households and small businesses, tracking towards a 100% renewable model where local homes and businesses use solar energy, supported by other renewables battery storage. Enova was established in 2016 after raising AUD 4 million from 1,090 investors. It has already hit its initial target customer numbers of 5,000, including 300 local businesses, and it has reached AUD 5.2 million in annual revenue. The retailer’s profits are shared between Enova investors and a non-profit unit.
(AUD 1 = USD 0.72/EUR 0.62)