We've raised £6.8 million to fund new clean energy projects in the UK

News

17 Oct 2022

At a time when the shift to renewables is more urgent than ever, we’ll be using the money raised to build some of our pipeline of onshore wind, commercial rooftop solar and battery assets.

Article written by alex.lomax

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Please note the share offer closed on 10 October 2022 and is no longer available.

We would like to say a huge thank you to everyone who has taken part in our recent share offer. Because of you, we’ve been able to raise £6.8 million to deliver new renewable energy generation and storage projects across the UK.

The offer, which was promoted by Triodos Bank UK via its crowdfunding platform, has now closed after we reached our original £5 million target ahead of deadline. In September, we extended the offer so that more people had the opportunity to participate, with over 1,200 investments made in total.

Now we’re focusing on action and will be using the funding to fuel our next stage of growth, helping to expand our portfolio of clean electricity projects and creating value across the electricity system as we aim to decarbonise by 2035.

As well as funding new onshore wind and commercial solar projects, we intend to increase our battery storage and baseload capacity and the collaborative funding available for community energy groups to build their own renewable energy projects.

“We’re thrilled to have raised £6.8 million for new clean energy projects and would like to thank everyone who participated in the share offer. We believe in a clean, smart energy system powered by the investment of many, so it’s fantastic to welcome so many new investors at this crucial time. It’s vital that we accelerate our transition to a cleaner, fairer energy system. In doing so, we will not only minimise our impact on the planet but also accelerate the end of our reliance on expensive, dirty fossil fuels. Renewable energy sources have huge economic benefits – from lower energy costs to new green job opportunities. We’re pleased to see high levels of commitment for the energy transition and will now be focusing on delivery – building new clean energy projects that reduce carbon emissions and deliver tangible change.”

Matthew Clayton, Managing Director, Thrive Renewables

The success of the crowdfund follows new survey data – commissioned by Thrive and undertaken by Opinium – which revealed that retail investors are deeply concerned about the climate and energy crisis and want to take matters into their own hands by investing in renewables.

According to the survey, which gathered data from 1,000 UK retail investors alongside 2,000 people from the general population, seven in 10 investors (69%) think we should increase the amount the UK invests in renewable energy.

When it comes to motivation, 8 in 10 investors (81%) say they are concerned about the long-term implications of the energy crisis, with many (57%) wanting to use their investing power to help bring down energy costs for all. As a result, nearly six in 10 investors (57%) have recently, or plan to, increase their investments in renewables. This attitude is shared by the UK population, with two-thirds (66%) wanting investment in renewables to increase.

“We won’t have a habitable world if we don’t divest from fossil fuels, and the prospect of climate change is feeling really urgent now. I have decreased my individual use, but that has little impact overall. I feel that investing in renewable energy is something that I can do to contribute to systemic change. After reading the offer document, I decided that I could trust Thrive – I particularly liked the balance towards supporting small organisations, as well as the storage and generation projects. Thrive leans towards decentralisation of energy and I’m in favour of that. I also like its support for community-owned generation and storage.”

Mira Vogel, new Thrive investor

Investing in the shares of an unlisted company involves risk – including potential for loss of capital – as the value of shares may go down as well as up. The payment of dividends and the target return on equity are not guaranteed.

Thrive shares are transferable but are not listed on any investment exchange, they can be traded through monthly share auctions. It may be difficult to sell shares at a price investors wish to sell them for and the shares may take time to sell.

If you are unsure if any of these investments are right for you, you should contact an Independent Financial Adviser.