Wandsworth sustainable energy co-operative launches first renewable heat ‘community share offer’
A pioneering co-operative has teamed up with an eco-conscious youth club to launch its first ‘community share offer.’
CREW Energy launched its community share offer with Devas Club in Battersea, Wandsworth on Monday (14th December). The share offer will be the first for the not-for-profit organisation and will be run entirely online, aiming to raise £50,000 of public money. The finance will support a 64 kW of community-owned heat pumps generating renewable heat and using its surplus income to support CREW’s fuel poverty alleviation project.
In return for investing in the project, CREW Directors intend to provide shareholders with an annual interest payment of 3% and their equity will be returned to them after 20 years.
CREW Energy has been working closely with Devas Club since 2018 and this will be their third intervention with the centre. So far, CREW has successfully secured grant funding to achieve a community energy first by installing LED lighting and a building management system to cut the club’s energy usage by 25% annually. This was followed by additional energy efficiency measures such as secondary glazing, more LED lighting, destratifiers and a heat transfer solution. This third phase, funded by the community share offer, will truly put Devas Club on the path to sustainability and way beyond their plan to reduce carbon emissions by 5% over three years.
Johnny Devas, Director of Devas Club said, he was excited at the prospect of working again with CREW Energy on the next stage of our journey towards reducing the club’s emissions to net zero. “The decarbonisation of our heating will greatly reduce our CO2 emissions and save us money. Equally importantly, it will help us engage with our young members and show that change is possible in the face of the climate emergency.”
CREW Energy’s Chair, Toby Costin, said “Community share offers will become an increasingly important source of funding in our fight against climate change, as communities pull together to tackle this mammoth challenge. If you want to invest ethically and support a local community asset while cutting carbon and improving local air quality, invest with CREW.”
He added, “For us, this project goes beyond the initial carbon savings; CREW plans to run a number of engagement events at Devas Club to help its members take on the challenge of climate change. We will also be looking to train up older members of the Club to become energy assessors as we look to create jobs for the future.” The community share offer is open to anyone over 16 and runs for six weeks. The closing date of the share offer is midnight on 21st January 2021. More information can be found on CREW’s website www.crewenergy.london/invest or investment platform https://shares.crewenergy.london/crowdfunding/devas.aspx