NSW 100% renewable energy retailer nears $3m mark in share offer

Enova Energy, the community-owned energy retailer targeting 100 per cent renewables for its customers in the northern Rivers region of NSW, has extended its share offer for a second time as it nears its minimum target of $3 million.
In an announcement made late last week, the Byron Bay-based company said it would extending the share offer until December 17, 5pm, in its effort to establish Australia’s first community-owned electricity retailer and have it operational by early 2016.

“As we believe we have commitments of very close to our minimum target of $3 million, and our existing Prospectus is valid until 17 Dec, we have decided to maximise the full amount of time permitted by ASIC to raise as much capital as possible to give Enova the best foundation for success,” said Enova chair, Alison Crook.
“The community is really coming in behind this, so I urge anyone who wants to be part of this historic initiative to apply for shares now, as we raise the final capital”.
As we reported in September, Enova had $1.1 million subscribed within just over a month of launching its prospectus, and extended the share offer to late November.
“We are the missing piece in the puzzle,” said Crook in September. “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.”