Fermenting a local community investment revolution
Ecodynamic Community Benefit Society launched its founding Share Offer at 2pm on Friday 25th January at Stroud Brewery. 25 people attended and several people made significant expressions of interest in investing. Said Greg Pilley of Stroud Brewery, ‘Just as many people invested in the Stroud Brewery startup, so I will invest in Ecodynamic for generating renewable energy and for community reinvestment.’
Jamie Mansfield said that the Offer will enable Ecodynamic to purchase and run a new 55KW Endurance wind turbine near Redruth, Cornwall, and reward investor members with social, environmental and fair financial returns. Any surplus will be reinvested in renewable energy, biodynamic, organic and sustainable food projects.
Why found Ecodynamic ? Faced by the challenges of the current environmental and financial crises, Martin Large said people are asking, ‘How can I invest ethically and sustainably? How can I invest directly into projects that I support – rather than into the global financial casino? How can I get a fair return for my savings when banks pay such low interest? These challenges, not just that ‘the lights may go out’, led the directors of Ecodynamic to look for co-operative energy solutions that will help build a low carbon, social economy – one project at a time.
‘Ecodynamic offers the potent combination of both investing savings with interest in a community project, backed by the government’s Feed in Tariff , and also reinvesting any surplus income into other community food, energy and land projects,’
The founding team of directors has relevant experience of business, co-ops, renewable energy, farming, banking and administration. Ecodynamic is guided by the seven co-op principles: voluntary membership, democracy, economic inclusion, independence, education, cooperation and concern for community. The vision is to help create a ‘co-operative turn’ towards a sustainable social economy. So, unlike many private, for profit renewable energy companies, Ecodynamic will reinvest surpluses in the community.
Ecodynamic is seeking to raise a maximum of £350,000 in the inaugural share offer to finance the Redruth wind turbine project in Cornwall. Ecodynamic will be offering shares with a projected annual return of 3% rising to 5% after year three. The project is applying for EIS status, which if successful will provide income tax payers 30% relief in year one. The share offer opens on 25th January and closes on February 28th 2013.
‘Ecodynamic will enable the biodynamic, organic, low-carbon community to generate renewable energy, and to reinvest the surplus in grassroots projects and land access. This investment will provide environmental and social benefits with government backed, fair financial returns for member investors while significantly contributing to a co-operative social economy’ Robin Evans, chair, Ecodynamic
For PDF of Presentation, see: EcodynamicLaunchPresentation_25_1_2013