Tag: fundraising

We’ve made it! £980,000 raised in successful share offer

Chris BrookLeave a comment
Success! Thank you to all of our investors!

Reading Hydro CBS is pleased to announce that following the recent reopening of our Share Offer to new investment, we have been successful in reaching our revised target of £980,000 to build and operate twin Archimedes turbines by Caversham Weir in Reading, UK.

Successful Local-led investment

2020 has certainly been a challenging year, and it has been no different for Reading Hydro, as we reached a critical point for our project in the summer. Following on from our Share Offer Raise earlier this year in February, and after obtaining firm quotes and timescales for delivery of both our required infrastructure and equipment in the following months, the Board of Directors decided that a revised Share Offer and a reopening period was needed to ensure that the construction of twin Archimedes Screw hydro-electric turbines could go ahead by Caversham Weir.

We reopened our Revised Share Offer in August 2020 with a new target of £980,000, with current and new investors welcomed to join and build on their commitments to the project as to help us reach our revised target. We further extended the offer into early September as to allow more local investors their chance to get involved with the project, offsetting any ‘surplus’ against the £100,000 investment from our biggest institutional investor, Co-operatives UK. This extension has allowed us to ensure that 96% of our investors are people and businesses that are local to Reading and the Reading area – truly a phenomenal achievement for a project run by locals, for local benefit.

A Significant Milestone

Having closed the Share Offer following a successful raise, the Board of Directors are now placing into motion the next steps of the build and administration of the scheme. Our administrators, Sharenergy, will be contacting investors to formally issue their shares to them prior to the end of September – Reading Hydro asks that all investors keep an eye out for this communication, and that they should contact us at their earliest convenience if after September they have not received the official issuing of shares notifications.

Concurrently, the Board are also working with our Civils contractor, Land & Water, to prepare our site and start the process of building the foundations for the turbines. This work, scheduled to take place during the rest of 2020 by Caversham Weir, will be the first phase of building for the project, with the planned installation of the Spaans-Babcock Archimedes screws taking place in early 2021.

Our sincere thanks

The Board of Directors wish to thank all of our investors, members and volunteers who have committed themselves to this project to help ensure that clean energy from the River Thames becomes a reality for Reading. there is a long way to go yet, but we are confident that we are making real progress in delivering sustainable energy for the benefit of the Reading community.

With Many Thanks,

The Directors,
Reading Hydro CBS Ltd

Group of Reading Hydro members celebrating by Caversham Weir
Thank you to all our members and investors for making our share offer a success!

BECOME A PIONEER INVESTOR IN READING HYDRO

Erica PurvisLeave a comment

Announcing the Launch of Reading Hydro Pioneer Share Offer

We’re excited to announce the launch of our Pioneer Share Offer for Reading Hydro CBS. This is an initial investment round to support the early stages, including outline design work to ensure the viability of the project. You can support and invest in Reading Hdyro here!

Our Initial Pioneer Shares

We have got as far as we can supported by initial grants from the Reading Climate Change Partnership and the Department of Energy & Climate Change (now BEIS). All alongside countless hours from the support and work of our wonderful volunteers and growing community (that’s you).

 

Now we need to move quickly to the next stages! The government is ending the Feed In Tariff for renewable energy at the end of March 2019. In order to secure this extra income, essential for the viability for the project, we must register our scheme with Ofgem before then. We are working to achieve all the necessary permissions. In parallel we are commissioning an Outline Design for the project by an experienced contractor.

You can buy into our Pioneer Share Offer to kick start this project work. This will cover project permissions costs and the commissioning of the outline scheme design.

After all this we will be able to do a full design for the project, make our Main Community Share Offer, and build the scheme.

Without the money raised from this Pioneer Share Offer the project won’t happen for years.

All Pioneer Share owners will be members with a vote in our Community Benefit Society, be eligible to have their investment repaid over time once the scheme is up and running, and gain other perks along the way. If the scheme cannot be built the Pioneer Shares will not be able to be paid back.

Your money is at risk if the project fails; your support makes it more likely we will succeed.

IF YOU’RE INTERESTED TO FIND OUT MORE, INVEST IN SHARES, OR SUPPORT IN WHATEVER WAY YOU CAN, THEN PLEASE READ MORE ABOUT OUR PIONEER SHARE OFFER ON CROWDFUNDER.

JUST WHAT IS A COMMUNITY BENEFIT SOCIETY?

Erica PurvisLeave a comment

So you’re not for profit, but not a charity? You’re not a business, but you’ll be looking for investors for the hydroelectric project? People can join as members and vote for directors at your Annual General Meeting, and agree where community funds can go, but you’re not a cooperative or a Community Interest Company, Social Enterprise……

These questions and many more are what we get asked frequently and are even queries we had when choosing the best model to enable Reading Hydro to become a reality and support it thriving in the future.

Why a Community Benefit Society?

Just like a charity we have “Objects” which specify what we do and how we commit to benefiting the community and the environment. Our reason for being!

The objects of Reading Hydro CBS are, to carry on any business for the benefit of the community by:

  1. The development, financing, installation, management, operation, generation, transmission and supply of energy from renewable and low carbon energy sources
  2. The conservation of energy through supporting energy efficiency and energy use reduction.
  3. Returning proportional benefit to the community.
  4. The promotion and awareness of environmental and related issues with support for educational initiatives
  5. Enabling the local and wider community to invest in renewable energy and low carbon generation.

What’s so important about Community focus and involvement?

We are set up for the benefit of the local community and look to achieve this through building a hydroelectric scheme on the river Thames at Caversham to generate clean electricity that can be sold to raise community funds for further projects.

It will take a while to get to this stage. To begin with the scheme will be funded by early stage donations and grants, before it is opened up for public investment, probably through a share offer.

The assets (hydro scheme) and liabilities will be held by the society and once all the shareholders have been paid back the hydro scheme and the profit from it will be for the benefit of the local community.

The assets are locked which means that they cannot be sold for the benefit of the directors or members.

In the initial years we have to pay back our investors, so only a small proportion of the income from selling electricity can go to the community. When investors are fully paid back, all the profit will go to the community. We are looking at generating long-term, sustainable funding here.

Why Membership for £1?

Reading Hydro members elect the directors on the basis of one member one vote: in this respect we are similar to a cooperative, autonomous and controlled by members. Part of becoming a member includes paying £1 for a share. This entitles you to one vote at general meetings, as well as getting involved in our day to day activities as much as you’d like.

Will I be able to invest more?

We are always happy to receive donations, no matter how small, and in-kind support. When we open the hydro scheme for public investment, you will be able to invest more in it, and this investment will earn a small return.

It all sounds great, right? So what are you waiting for? Join us!

For more information on Community Benefit Society you can read about them on the Community Shares website    or on DECC. Alongside this we recently went to an inspiring conference from The Plunkett Foundation, which gave examples of the many forms a CBS can take, from pubs, farms to Whiskey distilleries!

Festive Fundraising Cards Available Now – Limited Edition

Erica PurvisLeave a comment

We’re excited to announce that you’re now able to reserve and get your hands on our Reading Hydro Festive* cards.

Just fill in the reservation form here

If you indicate how many you’d like, we’ll be able to get back to you to confirm the availability, cost and the best means we can get them to you locally in Reading.

We have a batch ordered so they will be available from the 1st of December.

Many of us live locally and enjoy cycling and walking,  so if we’re not able to find a local event, spot to exchange them, we may even be able to deliver to your door.

PRICES ARE

  • Individual – £1
  • Packs of 5 – £4
  • Packs of 10 – £7

All profits will go towards the development of Reading Hydro Community Benefit society, enabling us to cover some of the cost involved in taking the project forward.

They’re blank inside so can be used for any occasion and come with either a bright Kingfisher blue or Poppy red envelope. On the back is a reference to Reading Hydro and thanks to supporters.

So get your orders in quick!

And while we’re on that, another HUGE thanks to one of our wonderful volunteers – Nicky Johnson Designs – for helping to design them

*after all a card isn’t just for Christmas…… they’ve been left blank inside so can be used for any occasion.

Oh and don’t forget the upcoming all things Science, Tech, Hydro and…. Things…… Seasonal Gathering on the 12th of December from 7pm at Walkabout

Christmas Party and Festive Cards – 7pm Tuesday 12th December

Sophie Fenwick PaulLeave a comment

Reading Science & Tech Meetup Groups Christmas Gathering – Tuesday 12th December 2017

We’ve progressed a long way this year, down to the help and support of so many wonderful members, friends and family, so what better excuse to get together to celebrate? Oh yes and Christmas is coming….

As part of Reading Hydro’s aim is to grow awareness of the scheme and the joy of renewable Hydro energy, we’re teaming up with a whole host of other Science, tech and startup groups around the Thames Valley for an evening of sharing, learning, merriment AND a themed Pub Quiz on the evening of the 12th of December.

So get the evening of the 12th of December in the Diary and join us upstairs in Walkabout from 7pm.

Special Edition Reading Hydro Festive Cards

It’s that time of year again, time to get the pen out and reconnect with friends and family all over the world in a good old handwritten personal style. Reading Hydro are delighted that this year we will be offering Festive Cards (with a not to subtle Reading Hydro theme of course).

All profit from the sale of these will go to the development of the Community Benefit Society and growing awareness of the scheme which is voluntarily run. 

We’d like to get an idea of demand and numbers to order (as this can also lower the cost). So if you think you’d probably buy a few or more*, then it would be great if you could let us know – either in the Facebook group feed or email Erica directly by this Thursday (23rd of November).

We have the draft design (by Nicky Johnson Designs), however this may be tweaked.  The inside is blank. We expect the cards to cost £1 or less and discounted when buying more.

*Indicating how many you may buy does not commit you to having to buy them,  but will help us get a feel for numbers and we can make sure you’re notified when they’re available at the beginning of December.