Less than one year after raising £859,787 on Seedrs, UK-based renewable energy platform Ripple has returned to the equity crowdfunding platform and has already surpassed its initial £250,000 funding target. As previously reported, Ripple was founded in 2017 and its vision is to create a renewable energy future owned by people, not companies.
“People want to reduce their carbon footprint and they want low, stable electricity bills. Until now rooftop solar was the main way to do it, but it can be expensive and not suitable for people who rent or live in flats. Ripple is a clean energy ownership platform with an aim to enable people to own new, large scale wind farms and have the clean, low cost, stable priced power they produce supplied to their homes.”
Ripple further claimed that it is a cheaper, more flexible, and fully portable alternative to rooftop solar. It opens up clean energy ownership for people to who to rent or live in flats or plan to move home in the future, as well as those that can’t afford the £4000-8,000 cost of installing solar.
“Ripple’s mission is to make clean energy ownership affordable and accessible for everyone, everywhere. We’ve been selected to take part in Free Electrons 2020, the global utility start up program. This could enable us to pilot our ownership model outside the UK.”
Funds from the latest Seedrs campaign will be used for the following:
- Projects: 27% – project management of the pilot project, legal and transaction costs for follow on projects.
- New markets + Free Electrons: 25% – work to develop pilot projects outside UK.
- Business costs: 22% – rent, finance, insurance, legal.
- App + website: 16% – develop and build the customer app ahead of the first turbine being operational and integrate new suppliers into platform for later projects.
- Marketing + new offerings: 10% – marketing 2nd UK project, development of employee loan + B2B offers.
The campaign is set to close at the beginning of July.
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