About this time last year, we launched our first ecobond – a fairly radical idea at the time.
We had three principle aims:
- To give our customers the chance to share in the financial benefits of our work and the green energy revolution generally, without having to put things on their roof tops (which doesn’t work for everyone).
- To cut out the middlemen bankers who generally charge much more to borrowers than they pay to savers.
- And to raise new sources of finance to speed up the rate at which we can build new sources of green energy. Bridging our ‘funding gap’.
And when we launched it this time last year we were both excited and a little anxious, as to how it might be received.
We needn’t have been. It was a smash hit, raising £10 million with ease.
Earlier this year, No 10 invited Ecotricity to a conference to present the ecobond concept to the UK Nordic Baltic Summit, which was attended by Prime Ministers (nine no less!), including David Cameron.
And with the money raised we set about building a windmill to power a solar panel factory (nice one that), the UK’s first major Sun Park later in the summer – and a third windmill to power Ford’s diesel engine factory at Dagenham.
We also carried on with our pipeline of projects – in planning.
And a few weeks ago we found ourselves holding planning permission for another 19 windmills – which needed funding.
So we launched ecobond two, last weekend.
All being well we’ll raise the £10 million that we’re seeking and that will enable us to increase our green energy capacity by almost 50%.
ecobonds are firmly a part of what we do now – each year as we accumulate more projects to build, we hope to be able to launch another ecobond. In doing so, we believe that more people will thus join our work and share the benefits – and together we’ll build more new green energy sources – and do it faster than Ecotricity could alone. People Power.
Cheers.
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Further information & details of how to apply for ecobond two here: http://www.ecotricity.co.uk/ecobond
Are there any future plans, or is it even possible to open ecobonds to people who are not UK residents?
Hiya – thanks for the question… Dale’s away at the mo, but the current intention is to continue to offer ecobonds once a year.
At the moment, due to legislative and regulatory issues, these are focussed on UK investors. We are, however, considering how to offer the opportunity to buy ecobonds to non-UK investors…
Cheers
Paul
I like the car and had a few design questions if you have some time. I built a wind powered car with the generators mounted in the front producing 120+D/C volts and 500+amps but I’m having a chalange getting the D/C current lined up right for the D/C motor. Is there a copatior or something that would work? As a self generating car I don’t want to waight it down with a bunch of batteries.
I’m so glad that ecobond two has been launched. I hope it is as big a success as EB1. Go build those windmills!
Another question: will bondholders get some kind of (no/low cost) perk? A ride in the Nemesis, free admittance to a Forest Green Rovers game and a veg burger? Something like that…
I think that would be a great idea
I think this is an excellent idea. Maybe Dale could come to read our meters in person and we could give him the veggie burger?
That made me smile….:) Thanks for that.
Hi guys, a very quick update from me on ecobond two, which closed just before Xmas.
It was a great success, bigger again than the first ecobond.
We had applications for about £16 million worth of bonds, but can only accept £10 million. (Them’s the rules)
It was a fab result, so encouraging and shows there’s a real appetite in Britain for this kind of thing – and it gives a massive boost to our work.
As a direct result we’ll increase our green energy generation by some 50% – much of it should be up and running in 2012.
We’ve now raised a total of £20 million in just 12 months – at a time when there’s all sorts of economic problems in the world, when banks remain unwilling to lend – even (or maybe especially) to each other now…….:). Not bad I reckon..
It’s a great example of people power.
Thanks to everyone that took part and to everyone for their support.
Cheers.
Hi Dale, Great news on the bonds! a lovely way to chop up a big wind farm into small investable portions for everyone to enjoy.
I have a new project for you turning disused quarries into pumped storage facilities, could be a good link with your wind farms and your tidal-bicycle-pumps? Let me know if you want to know more about it. I too am a bearded entrepreneur and believe that the markets can be a force for good.
I raised £450k in the first round and we are on schedule for planning submission soon. I’m starting the second investment round now which will give us the landing strip we need to land the first sale, as well as help secure the next 5 sites, already identified.
Would love it if you got in touch.
Dave
Hi Dale,
I love all your funding into wave technology, have yo also considered Marine Current Turbines? http://www.marineturbines.com/
I believe they need investors and it’s quite advanced.
All the best
Hi Dale,
First of all congratulations with the great success of the Ecobonds! This should be an inspiration to the industry!
I’m involved in a conference organised by the energy companies lobby group in the Netherlands. We feel that they have absolutely no idea what’s coming.
I’m looking for relevant views about the future of energy finance, for a series of interviews leading up to the conference.
It would be great if you have time to share your thoughts (through a short interview on skype/google hangout) about the future of energy finance. Where are the billions coming from necessary to turn this energy system around?
You can reach me on: koen@sustinn.com
Best regards and have a great weekend,
Koen
I think Ecobonds are a great idea, perhaps you should challenge the Big Six to try to sell CoalBonds to their domestic customers! Incidentally, can Ecobonds be wrapped up in an ISA?
As someone who can’t put solar panels on his roof (it faces the wrong way) may I propose a variation on a theme -EcoPower Bonds. These would be bonds that pay not interest, but Renewable Energy – a sort of virtual roof in one of your Solar Parks from which a customer can get electricity (up to the buyers present usage levels) free.
I suppose posts like this are part of the price of having customers like me!
John