Abundance Investment Ltd, an ethical investment crowdfunding platform, has launched an offer to fund the roll out of electric vehicle (EV) charging infrastructure throughout the Greater Manchester area, with Iduna Electric Vehicle Charging Infrastructure plc.
Iduna is raising £4 million through an offer of five-year secured debentures, regulated and tradable bonds, which pay 9% interest per year over the life of the investment to finance the installation of 50 new EV chargers in Greater Manchester, delivered in partnership with Transport for Greater Manchester (TfGM).
Asif Ghafoor, CEO of Iduna, commented on the announcement: “The electric vehicle revolution is now firmly upon us. We believe that many people want to play an active role in the climate change challenges we all face and will embrace the tools that will make a positive difference.
“Our aim is to accelerate the delivery of electric vehicle charging infrastructure using the latest charging technology, data analytics and experienced supply chain partners. We are starting with Greater Manchester, one of the first cities to recognise the climate emergency and well-placed to become a leading light in the UK’s transition to low carbon transport.
“Change won’t come overnight but it will come through a targeted and well-planned deployment of readily available chargers, encompassing a range of different types across a variety of locations.
“Providing top-up charging, through our fast and rapid chargers in a focused region such as Greater Manchester, will be an important part of this charger ecosystem, and is part of Iduna’s broader business strategy to deliver a positive impact on communities by backing green infrastructure.”
The UK transport sector is reported to account for a third of UK carbon emissions, most of which is road transport.
One of the major barriers to EV adoption is reported to be ‘range anxiety’. Therefore, a visible and accessible public charging network is set to be a major driver of the switch to electric driving, and one which will need to grow 20-fold in the next decade to keep pace with the expected arrival of more than 10 million EVs on roads.
Greater Manchester has a strategy to be a carbon neutral region by 2038. As part of this, TfGM’s aim is that half of all journeys are made using public and active transport (walking and cycling) by 2040. Currently Greater Manchester residents make 1.2 billion car journeys every year, which must be reduced and decarbonised.
Availability of off-street parking for home charging is low, so increasing the number of public chargers will be vital to achieving this goal.
Greater Manchester currently lags behind the national average for EV adoption, but Iduna’s investment aims to solve the adoption barrier of range anxiety and fast/rapid charger accessibility.
The investment offer will be backed by revenues from electricity sales, and advertising at the sites, with minimum investment being £5.
More information about this venture is available on the Abundance website.