NOTE: Enova Energy CSF Offer closed on 17-11-2018. An established Australian energy retailer with a licence to retail electricity across the National Electricity Market, Enova Energy is presently owned by 1,100 community shareholders who are concerned about climate change and are committed to building a decentralised, distributed clean energy future that does not leave anyone behind. To fund growth from our Northern Rivers base into Sydney, Newcastle, Wollongong, Southeast Queensland and diverse regional communities, Enova has launched an equity crowdfunding campaign on Crowd88.
I Offer Overview
Enova is raising a minimum of AU$600,000 and a maximum of AU$3,000,000 via a placement of up to 600,000 to 3,000,000 new fully paid ordinary shares in the company at an issue price of AU$1.00 per share. The minimum investment is AU$100 representing 100 shares.
I Letter from the Chair
Thank you for considering buying shares in Enova – Australia’s first community owned energy retailer.
Enova’s vision is for communities around Australia to act on climate change as an interconnected network, rather than relying on a broken, centralised energy model. Enova seeks to build a future powered by renewable energy and people – all people, regardless of income or circumstance.
Two years from obtaining our licence and starting up in the Northern Rivers, funded solely by like-minded individuals, families, and community organisations from around Australia, Enova has reached the target customer numbers we set out in our initial Prospectus. And we have reached $5.4 million in annual revenues. Now, Enova is scaling up to replicate our model, reaching more of the communities in NSW, Queensland, Victoria, and South Australia.
As a retailer, Enova will support and enable decentralised and distributed renewable energy solutions for communities across Australia, while assisting them to reduce carbon emissions. As a social enterprise – a business created to further a social aim in a financially sustainable way – Enova sells electricity to households and small businesses. We are tracking towards a 100% renewable model where local homes and businesses produce, consume, and share Australia’s abundant solar resource, supported by other sources of renewables and batteries.
Our profits will be shared between Enova investors and our non-profit arm that installs renewables in low income housing, delivers energy efficiency services and energy education, and co-designs innovative local renewable energy generation projects, such as enabling renters to participate in the solar revolution.
As a community-oriented energy company, we put 50% of our profits, after tax and reinvestment, back into the communities generating those profits.
While it is possible for retail investors to invest up to $10,000 under the equity crowdfunding rules, our aim through this share offer with a minimum subscription of one hundred of $1 shares (a $100 cost) is to encourage as many as possible to invest in Enova and help drive a community-led energy transition. In considering investment, please be sure to consider the risks outlined in Section 2.5 of the CSF Offer document.
A future powered by renewable energy, shared within communities, and generated as locally as possible to minimise waste and costs is within our grasp. Join us; join Enova. Remember, “the power of the people can be greater than that of the people in power.
Alison Crook AO
Chair, Enova Community Energy
I Executive Summary
Northern Rivers residents have come together with a shared vision: that communities around Australia can take control of our renewable energy future without leaving anyone behind who cannot have solar panels for any reason.
This group and thousands more had just stopped the spread of coal seam gas at the NSW border, and they decided to form Australia’s first community owned energy retail company.
Enova Community Energy founders brought our vision to life raising $4 million from 1,100 community shareholders. 70% of our shareholders come from the Northern Rivers region.
We sold our first shares in music concerts, town hall meetings, local markets and small business gatherings.
Our message reached like-minded people across Australia who invested in shares and volunteered to tell our story far and wide.
Enova is a social enterprise that sells electricity to households and small businesses with a special model: we are tracking towards a 100% renewable - day and night - model where local homes and businesses produce and consume the sun’s energy, supported by other sources of renewables and batteries. Our profits will be shared between Enova investors and our non-profit arm that installs renewables in social housing, delivers energy efficiency services and energy education, and co-designs innovative local renewable energy generation projects that allow renters to participate in the solar revolution.
In just 2 years, after obtaining our licence, we have built an amazing team of experienced and passionate energy, finance and marketing people at our Byron Bay HQ. Enova’s capable team have attracted nearly 5,000 customers including 300 local businesses who share our vision, and we have achieved annual revenues of $5.4 million. We won “Best of the Best award for Regional Sustainability” at the 2017 NSW Government Green Globe Awards. 60% of our customers generate or buy renewable energy – that’s by far the greenest retail customer base in Australia. And we have only just begun, with solar gardens, virtual power plants, microgrids and local government partnerships in our sights.
Now Enova is scaling up to replicate our model reaching new customers in other regions and cities of NSW, Queensland, South Australia and Victoria.
Our customers care about climate change and embrace social innovation and new technologies. We can’t wait to partner up with community groups and startups across our cities and regions to transform Australia’s community energy model from the ground up.
Our customers sharing their reasons for supporting Enova.
"Being able to enable households and businesses to generate their own power instead of being reliant on big polluting fossil fuels from a retailer who is not local.....all the profits leave this area.........So that's where Enova comes in. Profit's stay local and it's really giving the power back to homeowners and businesses..." - Tim Hodgson, a proud supporter of Enova Community Energy
"I think building strong partnerships with our communities is fundamental. When we have these wonderful initiatives that come along like Enova, we want to grab them and make them feel welcome, we want to share that same principle …you know… that Green Clean Environment!" - Delta Kay, a proud supporter of Enova Community Energy
I Strategic Priorities
Enova's Three Strategic Priorities (Refer to the CSF Offer document for a more detailed explanation)
I Financial Summary
Below are the summarised Profit and Loss statement and Balance Sheet of Enova. For more detailed financial information please refer to section 2.6 of the CSF Offer document.
CORPORATIONS REGULATIONS 2001 - RISK WARNING about Crowd-sourced funding
- Crowd-sourced funding is risky. Issuers using this facility include new or rapidly growing ventures. Investment in these types of ventures is speculative and carries high risks.
- You may lose your entire investment, and you should be in a position to bear this risk without undue hardship.
- Even if the company is successful, the value of your investment and any return on the investment could be reduced if the company issues more shares.
- Your investment is unlikely to be liquid. This means you are unlikely to be able to sell your shares quickly or at all if you need the money or decide that this investment is not right for you.
- Even though you have remedies for misleading statements in the offer document or misconduct by the company, you may have difficulty recovering your money.
- There are rules for handling your money. However, if your money is handled inappropriately or the person operating the platform on which this offer is published becomes insolvent, you may have difficulty recovering your money.
- Ask questions, read all information given carefully, and seek independent financial advice before committing yourself to any investment.
FINANCIAL MARKETS CONDUCT REGULATIONS - WARNING STATEMENT ABOUT EQUITY CROWDFUNDING
- Equity crowd funding is risky.
- Issuers using this facility include new or rapidly growing ventures. Investment in these types of businesses is very speculative and carries high risks.
- You may lose your entire investment, and must be in a position to bear this risk without undue hardship.
- New Zealand law normally requires people who offer financial products to give information to investors before they invest. This requires those offering financial products to have disclosed information that is important for Investors to make an informed decision.
- The usual rules do not apply to offers by issuers using this facility. As a result, you may not be given all the information usually required. You will also have fewer other legal protections for this investment.
- Ask questions, read all information given carefully, and seek independent financial advice before committing yourself.