READING HYDRO OPENED ITS FIRST SHARE OFFER IN DECEMBER 2018; OUR PIONEER SHARE OFFER.
In late 2018, Reading Hydro needed to move the project forward in terms of maturity and viability. To do this we wanted to commission our consultants, Renewables First, to carry out feasibility studies; on both our planned technology choices and the civils designs. To make this happen, we needed £15,000 in funding.
The Board decided that the best way to obtain the funds was by selling shares to the local community. Using crowd-sourced investment, we would raise the funds we needed and start truly engaging the community in our project.
SHARE OFFER FUNDRAISING
Reading Hydro partnered with Crowdfunder and opened our Pioneer Share Offer for investment during December 2018. A team of volunteers – Directors and members – put together our offer and promoted it far and wide on social media and within the Reading area. You can see our video below!
As a fledgling project with lots still to achieve, our potential investors were at a higher risk of not making any return on their money. Therefore in exchange for their investment, Reading Hydro offered additional benefits to investors. This included Reading Hydro merch, personal guided tours of the site and the big enticement: an additional 10% of shares on their investment, paid upon our Main Share Offer successfully concluding.
PIONEER CELEBRATION!
We surpassed our target figure by raising £16,025 from 58 investors over 4 weeks! This was further match-funded with another £15,000 grant by the Reach Fund, who support social enterprises in raising investment! It seemed only right that we throw a party to celebrate! Over 30 people turned up to The Outlook in January 2019 for our Share Certificate presentation and Hydro Social. It was a great evening, and our Pioneers and Directors got to meet each other, have a drink and discuss the bright future of the project.
Reading Hydro thanks its Pioneer Shareholders
for helping make our project a reality
Stop Press!
Our Main Share Offer has been a huge success, and we thank our Pioneers for helping us get there! Check it out here!
