Enabling households and businesses to part own large scale wind farms and create a clean energy future
Business overview
| Location | London, United Kingdom |
|---|---|
| Social media | |
| Website | www.rippleenergy.com |
| Sectors | Energy Mixed Digital/Non-Digital Mixed B2B/B2C |
| Company number | 10565718 |
| Incorporation date | 16 Jan 2017 |
Business highlights
- UK's first consumer owned wind farm sold out + under construction
- Over £2m of transactions on platform to date
- Startup of the Year 2021 - Wind Investment Awards
- Greenest energy product on the market - Ethical Consumer magazine
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Idea
Introduction
Ripple has reinvented clean energy ownership.
Ripple's innovative platform enables people (and soon businesses too) to part own large scale wind farms and have the green, low cost electricity generated supplied to their home via the grid by its utility partners.
Consumers are looking for ever greener energy products. Ripple delivers the greenest energy product on the market. It enables consumers to own their own source of green, low cost electricity for the long term, reducing both their CO2 footprint and electricity bill.
No longer do consumers need to choose between expensive rooftop solar and green tariffs which often don’t deliver the impact they expect. Ripple is an easy, affordable way to make a big, tangible climate impact.
Ripple's mission is to make clean energy ownership affordable and accessible to everyone. We believe people, not just utilities and infrastructure funds, should be able to enjoy the benefits of clean energy ownership.
Substantial accomplishments to date
- Ripple's platform creates a completely new way for consumers to own their own source of clean energy
- Bespoke tech platform and legal framework developed to facilitate offering
- First wind farm launched on Ripple's platform in June 2020, now sold out and under construction
- 900+ members
- Average spend £2,300
- Platform has handled over £2m of transactions
- £100k revenue realised to date*
- Partnership with Co-op Energy, powered by Octopus for first wind farm
- Gearing up to launch second larger wind farm in winter 2021 capable of supplying up to 20,000 homes
- MOU with offshore wind farm developer to bring consumer ownership to offshore wind sector in future
- Ripple was ranked greenest energy product on the market by Ethical Consumer magazine*
*where customers meet 100% or more of their consumption through wind farm ownership
- Won Startup of the Year 2021 at the Wind Investment Awards with judges commenting: "Ripple have fundamentally re-invented the wheel with a very impressive industry disruptor business model.”
- First Ripple managed co-operative won Inspiring Co-op of the Year 2021 at the CooperativesUK award
- Founder ranked in top 100 Global Wind Power List
*Based on unaudited management accounts.
Monetisation strategy
Ripple facilitates and manages its customers' wind farm ownership. It charges its customers an upfront arrangment fee and an ongoing management fee for the service. It also charges its utility partners a fee for every new customer it acquires for them. It also charges its technology partners comissions for each new product it sells.
Ripple's four primary sources of revenue:
ARRANGEMENT FEE
Paid upfront by customers as a percentage of their share of the wind farm's CapEx.
MONTHLY MANAGEMENT FEE
Paid indirectly by customers for every unit of electricity generated by the wind farm.
This is recurring revenue, potentially for the 25 year life of each wind farm.
SUPPIER ACQUISITION FEES
Paid by Ripple's utility partners for new customers Ripple helps them secure.
COMMISSION
Paid by Ripple's commercial partners for each product or service our customers purchase.
Ripple aims to add more and more, larger and larger wind farms and solar parks to its platform, across more and more countries, building a base of customers who are commited to climate mitigation actions.
Use of proceeds
Ripple plans to use the funds secured in this round and the larger raise planned for later in the year to fuel its post-pilot growth and create the foundations for sustainable expansion:
Explore options to expand internationally (40%)
- Ireland is top candidate for expansion, Government is very keen to 'citizen ownership' of renewable energy projects
- We plan to investigate other European markets including France, Spain and Germany
Fund pre-launch wind farm project costs (20%)
- Ripple pays for due diligence on wind farms ahead of their launch then recovers cost once the project has reached financial close
Build a world class brand (20%)
- Aim to create a distinctive and engaging brand
- Grow awareness of Ripple
Develop an app and further improve the website (20%)
- Planning to build an app to show members their generation level in real time
- Create a smooth sign up journey from our supply partners' website to ours
Each segment includes relevant salary and new employment costs.
Key Information
Advanced Subscription Agreement
This investment round is being raised by way of a convertible equity investment structure, in this case an "advanced subscription agreement".
The key terms that apply to the Company’s advanced subscription agreement are set out below. See also attached Key Terms document for further details.
• Discount: 15%
• Valuation Cap: £8,000,000
• Conversion is triggered by ("Trigger Events"):
- An Equity Fundraise – defined as the Company raising investment capital of at least £500,000 from one transaction or a series of transactions, in exchange for the company issuing of shares;
- A Change of Control of the company (transfer of more than 50% of the share capital); or
- An IPO – being a listing of the company’s shares on a recognised stock market or secondary market.
• If a Trigger Event occurs, the ASA will convert at:
- the lowest price paid per share in connection with the Trigger Event, discounted by the Discount; and
- the Valuation Cap divided by all issued shares and outstanding options and equity interests in the Company, discounted by the Discount.
• Longstop Date: 6 months from signing of instrument. (note: this will be after the campaign closes).
• If conversion has not been triggered by the Longstop Date shares will be issued on the longstop date at the Default Share Price, which is:
- a price per share of £5.65 (being the share price of the Company's last equity fundraising round)
•The convertible would also convert to equity at the Default Share Price in the event of winding up or liquidation of the company.
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