Independent energy supplier Good Energy has raised £3.1million and reported a significant oversubscription in its latest share offer.
The company said the majority of the 2,000 individual applications were from Good Energy customers. Shares cost £2.08 each, with a minimum application value of £520. The offer closed at 23.59 on 19 June.
The funding will be used to:
- Improve customer experience through a new operational platform
- Invest in new systems to reduce cost to serve and customer acquisition costs
- Develop existing and new renewable energy generation sites to maximise value
- Strengthen Good Energy’s financial position and future profitability.
Juliet Davenport OBE, founder and chief executive of Good Energy said: “I’m delighted by the demand we received for this share offer. It’s a strong signal that renewable energy remains an attractive investment. We’ve gone back to our roots by inviting customers, bondholders and shareholders the opportunity to invest and once again there has been a real appetite from them to get involved. I’m very pleased to see so many of our customers backing Good Energy once again. Customer-ownership is a big part of our ethos.
The Wiltshire-based firm, which supplies 100% renewable electricity and green gas and also generates power from its own solar and wind farms, has a history of raising funds through its customer base and other investors. The firm’s first windfarm in Cornwall was bought via a share offering in 2002 and Good Energy’s first bond offer to customers, in 2013, closed three weeks ahead of schedule having reached the maximum of £15 million.