Good Energy smashes raise target after 2 weeks

Written by Rebecca O'Connor on 23rd June 2016

There is no vote of confidence in your business quite like 2,000 customers buying £3.1 million worth of shares in your company within two weeks of the raise launching – and wanting more.

Good Energy, the renewable energy supplier, has found itself in just this position, after its most recent share offer was oversubscribed.

The majority of the 2,000 applications were from Good Energy customers.

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. Many of the customers that invested this time had invested before.

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.

“It’s our most successful share offer since Good Energy was admitted to AIM in 2012 and our second most successful fundraise with significant participation from our customers.”

The money raised through the share offer will be used to invest in Good Energy’s operational platform, generation portfolio and to further strengthen its financial position.

The company has 220,000 customers and aims to grow to one million customers (household equivalents) by 2020.

Read Good With Money’s  investigation showing the falling cost of green energy tariffs here.