Enova Energy, Australia’s first community-owned energy retailer, is using equity crowdfunding to help drive its community-led energy transition, partnering with Crowd88 to facilitate a crowd-sourced funding approach.

Enova has set the minimum subscription at just $100 (100 shares) to allow as many Australians as possible to become shareholders in their “energy revolution”. 

Tony Pfeiffer, Enova’s Managing Director, said the appetite from across Australia continues to grow. “There’s no doubt that the Australian energy market is ripe for disruption and Enova Energy is proud to be leading the way,” Mr Pfeiffer said. 

“While it is possible for retail investors to invest up to $10,000 under the equity crowdfunding rules, our aim with this share offer with a minimum subscription of $100 is to encourage as many people as possible to invest in Enova and help drive a community-led energy transition.”

“A future powered by renewable energy, shared within communities and generated as locally as possible to minimise waste and costs is within our grasp.”

Enova’s next stage of growth

Funded by individuals, families and community organisations from around Australia, in the two years since Enova Energy obtained its licence and started up in the Northern Rivers, the retailer has achieved target customer numbers of 5,000, including 300 local businesses, and hit $5.2 million in annual revenues.

Enova Chair Alison Crook AO said “Now, Enova is scaling up to replicate our model, expanding into more communities across New South Wales, Queensland, Victoria and South Australia. We are tracking towards a 100% renewable model where local homes and businesses produce, consume and share Australia’s abundant solar resource, supported by other sources of renewables and batteries.”

“Our profits will be shared between our investors and our non-profit arm that installs renewables in low income housing, delivers energy efficient services and energy education, and co-designs innovative local renewable energy generation projects including enabling renters to participate in the solar revolution.”

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