Enova Energy, the community-owned energy retailer targeting 100 per cent renewables for its customers in the northern Rivers region of NSW, has passed the $1 million mark just six weeks after opening its share offer to the public.
The Byron Bay-based company is seeking a minimum of $3 million to help it establish Australia’s first community-owned electricity retailer, and the first to offer a pathway to 100 renewable energy for household and business customers.
Since launching its prospectus in mid August, Enova has $1.1 million subscribed, and has revealed plans to extend the share offer to late November, as investor interest builds around the opportunity to own shares in a community renewable energy company.
Enova chair, Alison Crook, describes the level of support the offer has received so far as “astonishing” – given the mood of the general market – but understandable.
“The Enova business model gives people something to be hopeful about. They can see real benefits for themselves, for their …communities and for the wider environment.
“The real surprise is the strength of support we are getting across all sections of the community and from people in all walks of life,” Crook said.
“We know there are many people who still don’t know about Enova, despite extensive media coverage and public meetings across the region. Extra time, and more planned media exposure, will give them a chance to become involved.”
The company has also indicated it needs more time to discuss its offer with larger investors in the region and around Australia; and with ethical investment firms who have signaled they would like more time to share the offer details with clients.
“We are the missing piece in the puzzle,” adds Crook. “Apart from changing things in this region, we can help other communities get their renewable generation projects off the ground.
“Communities all around Australia are looking for practical leadership. We are already receiving calls for help from groups wanting to know how they can do what we are doing.
“In the very near future, when we are fully operational, we will be in a position to give them all the assistance they need. After that, it won’t be long before similar projects are up and running in all Australian states. Change is on the way.”
The extended share offer will close at 5.00 pm (AEST) on 27 November 2015.