Australia’s solar energy users have set a world record in their bid to lock in a better electricity deal with Australia’s first solar energy retailer.
The overwhelming response among investors eager pay $50 to be among DC Power Co’s first 95,000 customers set a record for the world’s biggest equity crowdfunding launch.
DC Power Co co-founder Nic Frances Gilley said the unprecedented response exceeded his expectations and proved that Australians were looking for a better solar energy deal.
“In just one day, we have already set a world record for the biggest equity crowdfunded campaign for the launch of a business. We knew there would be an appetite for the services we are offering, but the response has been completely overwhelming,” Mr Frances Gilley said.
OnMarket managing director Rosie Kennedy said the DC Power offer had set a new benchmark for equity crowdfunding.
“The first day was the busiest day we’ve had, with more than 3500 investing $50 in support of DC Power. This is on track to being the largest equity crowdfunding deal ever,” Ms Kennedy said.
What will DC Power Co do with this funding?
DC Power Co will be Australia’s only solar-focused energy retailer, guaranteeing customers cheaper power bills by delivering better wholesale electricity prices and feed-in tariffs, and personalised advice on boosting solar capacity.
Customers will also be able to take advantage of the company’s unique savings guarantee, with the company agreeing to refund any difference on previous bills, plus 10 per cent.
Mr Frances Gilley said he was confident his company could achieve better savings for customers who until now have had to make do with whatever their energy company offered them.
“Solar customers are fed up with the lack of transparency, trying to work out how much you are saving or could be saving. Never before has there been an energy retailer 100 per cent focused on their needs,” he said.
“DC Power Co is a new business model for a new age, and it’s clear from the response that tens of thousands of Australians are eager to be a part of a business of the future.”
The company has set a target of 35,000 investors to commence trading, but has opened the offer for up to 95,000 Australians. Non-solar users and renters are also able to invest in the company and share in future company profits.
Once minimum investor numbers are secured, DC Power Co expects to start operation by the end of the year.
“Once we have more than 35,000 people, people power has arrived and we will have changed the industry forever,” Mr Frances Gilley said.
Who are are people behind DC Power Co?
Nic Frances Gilley MBE, CEO, is a social entrepreneur, marketing campaign specialist, and founder of Easy Being Green and Cool nrg. Nic is tireless in his pursuit of creating companies that are good for the planet and good for Australians. Nic was awarded an MBE in the UK and a Centenary Medal in Australia for his charitable work.
Emma Jenkin, CFO is a commodity trader, investment banker, fixed income specialist and key member of energy saving company Cool nrg. While working for UBS, Emma raised more than $2bn of IPO capital and managed a $1bn commodity book that included complex derivatives.
Monique Conheady, director is an engineer, entrepreneur, marketer and founder of car sharing disruptor Flexicar. Monique led the Hertz marketing team before becoming a board member of a range of companies aimed at improving conditions for Australians, both environmentally and socially.
Nick Brass, GM sales is a solar expert, co-founder of Energy Matters, and driving force of Cool nrg. Nick is now facilitating some of the country’s largest commercial and industrial solar plants.