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Bristol Energy Cooperative £2 million success!
Success as Bristol Energy Cooperative community energy share offer raises over £2 million via Ethex
This week, we’re very happy to announce another successful financing raise on the Ethex platform as the Bristol Energy Cooperative (BEC) community share offer closed, having raised £2,127,000+ - passing its target raise of £2 million. This comes shortly after the successful close of the Low Carbon Hub share offer on Ethex, which raised £3 million for local community energy initiatives.Thanks to almost 800 positive investors who wanted to use their money to fund a greener future, BEC will be able to move forward with several groundbreaking community clean energy projects in and around Bristol, leading the way for other communities to follow suit.
BEC is a pioneering community-owned energy cooperative, dedicated to increasing clean energy generation by the local community, directly taking action against climate change and delivering benefits to the whole community.
Since 2011, BEC have developed and run a portfolio of clean energy generation projects around Bristol, currently generating enough energy to power 3,000 homes. With the money raised via their share offer, they will continue this vital work with exciting renewable energy projects, including:
- The development of Bristol's first community hydro scheme at Netham Weir, near the city centre. When operational, the scheme will produce enough clean energy to power 250 homes, cutting tonnes of carbon emissions.
- The UK's first net-zero domestic housing microgrid with battery storage. Water Lilies is a domestic housing microgrid with an integrated smart system that combines solar energy generation, air-source heat pumps, central battery storage, and electric vehicle charging to create sustainable homes that put people and planet first.
Speaking about the successful community share offer, Lisa Ashford CEO of Ethex says:
“We’re pleased to be celebrating another successful raise, especially given our long-term relationship with Bristol Energy Cooperative and our ongoing support for the excellent work they do.
“We know from feedback that our investors also feel incredibly proud to be providing the enabling finance that BEC needs to scale - building on the pioneering approach to community-owned renewable energy generation in and around Bristol. It proves that this shared value approach works for everyone and should be a critical part of the UK Government’s strategy in building back better. “
Andy O’Brien, Executive Director of Bristol Energy Cooperative said:
"We’re delighted to have exceeded our target of £2million in our latest Ethex share offer. Raising these funds means we’re now able to steam ahead with some very exciting projects, including our Bristol hydro-electric scheme, the UK's first domestic housing micro-grid with battery storage, and rooftop solar.
"Working with Ethex on this share offer has been fantastic, and we’re very grateful to the team and of course to the 800 or so investors who’ve made this raise possible. It’s thrilling to welcome so many new members.
“This successful raise comes as we mark 10 years since the founding of Bristol Energy Co-op, a decade in which we’ve raised over £14million, installed over 9MWp of solar and battery assets, and facilitated over £250,000 of community benefit payments. Our renewable energy portfolio already provides enough electricity to power the equivalent of 3000 average homes, a figure now set to increase as our new projects come online.
“We also have some exciting new plans in the pipeline which we look forward to sharing over the coming months."
With the success of this second multi-million community energy raise on Ethex this year, we’re delighted to be helping more people to realise the transformative power of their money. We hope to help many more extraordinary organisations such as the Bristol Energy Cooperative grow and create more clean, community-owned energy for the UK.
To see the current positive investment opportunities currently live on Ethex, take a look here.
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