Launch date for People Powered Retrofit Community Share Issue announced!

by Blog

We are really excited to announce the launch of a Community Share issue for People Powered Retrofit on 6 September, the next stage in the development of our ‘One Stop Shop’ for retrofit.

Developing out of the retrofit work we have been doing for the past ten years, this new end to end, householder retrofit service has been piloted over the past two years with our technical partners URBED. The pilot has gone well and demonstrated significant demand for retrofit services from householders. 

To create the capacity needed to meet this demand, a new, not-for-profit People Powered Retrofit charitable community benefit society has been incorporated with the involvement of Carbon Co-op and URBED as custodian trustees, which now plans to raise half a million pounds of investment via a ‘Community Shares issue’ to be launched on Monday 6th September 2021 on the Ethex platform. 

The Carbon Co-op board feel that taking People Powered Retrofit in this exciting direction will allow it to have greater scale and impact in achieving retrofitting at the rate essential for tackling climate change.

Click here to sign up for more information on the Community Shares issue as details are announced in the run up to the launch.

Click here to attend a free online event on the day of the launch.

Whilst People Powered Retrofit will help Carbon Co-op achieve its core aim of reducing domestic carbon emissions and achieving scale, the new society is separately constituted from Carbon Co-op, with its own membership made up of community share issue investors. The separation simplifies the sometimes confusing contractual relationships between Carbon Co-op, URBED and householder clients, mitigates against the risks of starting a new trading venture and enables People Powered Retrofit to focus on income generating retrofit services in order to become self sustaining and free from grant funding. 

People Powered Retrofit and Carbon Co-op

To maintain a link and hardwire a climate change mission into the new organisation, Carbon Co-op will maintain the right to appoint a member to the People Powered Retrofit board and the ability to veto rule changes. A small number of Carbon Co-op staff members will transfer their employment to the new organisation.

Carbon Co-op will maintain its broader carbon reduction remit, continuing to develop and deliver innovative carbon reduction, energy systems and citizen involvement projects. We will continue to advocate for retrofit and represent the interests of energy vulnerable customers – developing best practice and guidance for local authorities, community energy groups and others. Carbon Co-op membership won’t change, you will continue to be able to take advantage of the member forum, retrofit webinars and events and everything else we do. 

As is the case now, any Carbon Co-op member can access People Powered Retrofit’s services and investor members in the new organisation can also be involved in shaping the activities and direction of the new organisation, with one member one vote irrespective of investment. Full details of the People Powered Retrofit share issue and business plan will be made public soon. 

Whilst the creation for People Powered Retrofit will enable the scope and scale of retrofit to much increase, Carbon Coop will continue to lead innovation on retrofit and support member’s in their retrofit journey.

Full details, including all the terms and conditions associated with the offer, a full offer document and business plan will all be published on the Ethex platform shortly before the offer goes live on 6th September 2021.

People Powered Share Offer document, due for publication 6th September 2021