Crowdfunded energy retailer set to launch in Australia
DC Power Co, which aims to be the world’s first crowdfunded energy retailer for solar households, has opened pre-registration for those interested in investing.
The company aims to raise $4.75 million through equity investment to build an energy retailer promising better deals and financial savings for the nation’s 1.7 million solar panel households. It has so far secured a $750,000 grant from the Australian Renewable Energy Agency (ARENA) and will capital raise up to $10 million in private investment over the next 18 months.
Recent changes to ASIC regulations now allows public companies with less than $25 million in assets to raise up to $5 million in funds from the general public in return for equity in the enterprise. The company has partnered with OnMarket BookBuilds to undertake the public offering, capped at 95,000 investors in the first year. Founding investor Venture Advisory will coordinate the private capital raising.
“Inviting customers to be part-owners of their energy company is a unique proposition,” said DC Power Co founder Nic Frances Gilley. “Not only do you get a personalised solar service, potentially saving you hundreds of dollars each year on energy costs, you also get a share of the profits, which we think will be considerable given our potential for rapid growth.
“There are close to two million solar households in this country, another two million who could fit it now and potentially more than six million solar households by 2050. Getting in at the ground level for as little as $50 is a golden opportunity for investors.”
Those who register their interest will be notified as soon as the offer opens, prior to the official campaign launch on 19 March. Registration is also open to those without solar panels.
“We are confident we will be oversubscribed but will still be engaging with people who register and miss out on the initial offer, because we know they will be our customers of the future,” Frances Gilley said.
DC Power Co expects to start operation by the end of the year, and will be offering solar performance checks and advisory services to registered parties after its launch on 19 March.
To find out more, visit https://www.dcpowerco.com.au.
Researchers have come up with a conceptual design for a system to store renewable energy and...
To reach 100% renewable electricity, Pernod Ricard Winemakers has signed a 10-year virtual...
Sydney's Inner West Council will systematically replace streetlights in residential streets...