Abundance Investment, a crowdfunding platform for ethical investing in the UK, has announced an offer to fund the launch of electric vehicle charging infrastructure in the Greater Manchester area using Iduna electric vehicle charging infrastructure.
Iduna aims to raise £ 4m through an offering of 5 year secured notes – regulated and negotiable bonds – that pay 9% interest per annum over the life of the investment to support the installation of 50 new EV chargers in Greater Manchester to be financed in partnership with Transport for Greater Manchester (TfGM).
The investment broke the previous record of abundance for most funds raised in the first 24 hours, with nearly £ 2 million poured into the platform. As of this morning (April 19th), £ 3million will be paid – 75% of the funds available.
Bruce Davis, Co-Founder and General Manager of Abundance Investment, said: “It’s great to see a record number of investors and their cash backing Iduna’s efforts to transform Greater Manchester’s transportation infrastructure. This shows the power of green investing when the public puts their money where it is supposed to support the transition to Net Zero. “
A visible and accessible public charging system will be a major driver in the shift to electric driving and one that will need to grow 20-fold over the next decade to pace with the expected arrival of more than 10 million electric vehicles on our roads hold.
Greater Manchester is pursuing a strategy of being a climate neutral region by 2038. As part of this goal, TfGM aims to have half of all journeys made by 2040 using public and active transport (on foot and by bike). Currently, Greater Manchester residents make 1.2 billion cars a year that need to be scaled back and decarbonized.
The availability of off-street parking for home charging is low. Therefore, increasing the number of public chargers is critical to achieving this goal. Greater Manchester is currently lagging behind the national average for electric vehicle adoption. The proceeds of the investment will be used to fund 50 new fast or fast public EV charging stations at high-traffic locations in Greater Manchester, selected in collaboration with TfGM to ensure maximum utilization. The chargers run on 100% renewable electricity supplied by Octopus Energy. This is the first phase of Iduna’s program to build more than 160 charging stations in the city by the end of 2022.
Iduna Infrastructure Limited has acquired Amey Map Services, which already supplies and manages publicly funded chargers on behalf of TfGM. These are operated under the Be.EV brand, an open network of pay-as-you-go chargers with an optional membership program. There are currently around 130 chargers in the network. This makes it the largest provider of public charging functions in the region. The new chargers financed by the investment will also be operated under the Be.EV brand, which Iduna would like to develop into a unified and market-leading network in Greater Manchester.