Enerwhere, the “world’s first” distributed solar utility company, has become the region’s largest equity crowdfunding round. Listed on Eureeca, Enerwhere has already seen almost $700,000 committed. Eureeca is the first multi-regulated global Equity Crowdfunding platform based in MENA.
Chris Thomas, Co-Founder and Co-CEO of Eureeca, commented;
“The speed at which Enerwhere have been able to close in on their funding target is fantastic. This is a clear sign of interest in the renewables industry, borne as a result of the UAE government’s pledge to increase the share of clean energy to 24% by 2021; a pivotal step towards making the UAE a global centre of renewable energy innovation. The successful capital raising campaign is also testimony to the consensus that the equity crowdfunding model will be more mainstream in the years to come and strengthens Eureeca’s role as the pioneer in connecting the next generation of investors and entrepreneurs across borders.”
Clean energy utility company Enerwhere, a DEWA certified company based in Dubai, have raised more investor funds than any other to date on the Eureeca equity crowdfunding platform. They have now reached 94% of their USD$700,000 target.
Eureeca explains that in the past investor interest in energy in the Middle East was predominantly focused on oil & gas, but this crowdfunding round is a sign of changing times. Investors are now looking for energy businesses focused on renewable energy like solar.
Only 3% of renewable energy investment globally is concentrated in the Middle East. However, this is set to grow exponentially in the coming years with GCC countries such as the UAE, Oman and Saudi Arabia announcing renewable energy tenders, starting net-metering programs and reducing fossil fuel subsidies.
Enerwhere provides cost efficient and cleaner energy solutions across multiple industry sectors. The company is one of the few GCC based energy enterprises that is interesting not only to large institutional investors but individual investors and family funds that are sustainability minded. Their hugely successful crowdfunding campaign actively demonstrates the increased interest in renewable energy from local investors with over 80% of the funding coming from GCC based individuals and entities.
“We have seen a lot of interest from investors around the region who want to do good and do well. Our double-digit growth in cleaner energy solutions is evidence that this is possible and we are commissioning new projects every week. Now really is the time for investors to get a share of the business before the investment opportunity closes,” announced Daniel Zywietz, CEO of Enerwhere.
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