Three years after becoming Australia’s first community-owned energy retailer, Enova Energy has revealed plans to extend its reach beyond the Northern Rivers Region of NSW, and to other NEM states.
To fund these plans, Enova on Thursday launched a new round of crowd-sourced fundraising, via Crowd88, through which it aims to raise at least $3 million to expand across NSW regions, including the Sydney CBD, followed by south-east Queensland, Victoria and South Australia.
The fund-raising round will also reach out to a broader range of investors, with shares priced at $1 each, with a minimum purchase amount of $100.
In this way, Enova says it aims to “further democratise” its ownership model – although to limit the ability of large shareholders having too much influence in the community-based organisation, only the first 5000 shares will bring voting rights, with 1000 shares per vote.
Currently, the Byron Bay-based company has more than 4,900 customers, and in March it was ranked fourth in the Green Electricity Guide’s list of Australia’s most environment and consumer friendly energy retailers.
As well as retailing grid-sourced green energy, Enova offers customers who can’t install their own home solar system an option to power generated on the rooftops of its other solar customers, as well as from local community solar farms and gardens. It’s retail solar tariff is 16c/kWh.