Abundance Investment has launched a bond offer to help fund the roll-out of electric vehicle (EV) charging infrastructure throughout the Greater Manchester area.
The ethical crowdfunding platform will work to drive investment in Iduna Electric Vehicle Charging Infrastructure in order to finance the installation of 50 new fast and rapid EV chargers in the region, delivered in partnership with Transport for Greater Manchester.
Iduna aims to raise £4 million through an offer of five-year secured debentures, which pay 9% interest per year over the life of the investment – the minimum investment required is only £5.
Greater Manchester currently lags behind the national average for EV adoption, with the firms suggesting more public chargers are required to drive the pace of change.
Iduna ultimately plans to build more than 160 charging points in the city by the end of 2022 and notes all of its chargers will be supplied with 100% renewable electricity from Octopus Energy.
Bruce Davis, Co-founder and Managing Director, Abundance Investment, said: “Greater Manchester is taking the lead on rethinking the way its citizens travel around their city, which will require changes of behaviour but also investment in infrastructure to encourage and enable everyone to choose green alternatives.
“To realise the potential for electric cars as part of that overall strategy we need to invest in innovative companies like Iduna who are creating a well-designed charging network to support the shift away from fossil fuel-powered vehicles.”