Renewable Energy Utility Company Good Energy Issuing New Share Offer

The renewable energy utility company Good Energy is raising £3.1 million in new funding through the issue of 1,495,900 New Ordinary Shares at a price of 208p per share, according to a recent press release.

The share offer was intended to target customers as well as institutional investors, with an emphasis being placed on giving customers the opportunity to buy into the company.

Part of the reason for the fundraising effort is to help the company with its expansion plans — the firm is aiming for 5-fold customer (household equivalent) growth by the year 2020.

The OBE, Founder, and CEO of Good Energy, Juliet Davenport, commented: “Our customer numbers, renewable energy generation, and revenues are all growing fast. We believe our customers are at the heart of our business and should have the option to share in the success of Good Energy. This new Share Offer gives them the chance, alongside our institutional investors, to be part of the next stage of our growth journey and our exciting plans for the future.”

The press release provides some interesting background on the company, revealing that the “company’s first wind farm in Delabole, Cornwall was bought with customer investment in 2002 and its first Bond Offer to customers, in 2013, closed three weeks ahead of schedule having reached the maximum subscription amount of £15 million.”

The new funding will specifically be used to:

• Improve customer experience through a new operational platform
• Invest in new systems to deduce cost to serve and customer acquisition costs
• Develop existing and new renewable energy generation sites to maximize value
• Strengthen Good Energy’s financial position and future profitability