A not-for-profit energy supplier hopes to reduce levels of fuel poverty and create 200 jobs in areas of high unemployment after securing more than £4.4million in funding.
Owned by social housing providers, community organisations and local authorities, the company aims to offer more affordable and fairer energy to those living in fuel poverty.
Our Power, a social enterprise based in Edinburgh, raised the money from 301 investors in just 64 days, including an investment of £1.5m from Big Society Capital.
Alister Steele, chair and co-founder of Our Power, said: “Hitting our funding target is a tremendous show of confidence in our fairer approach to providing energy.
“We can go further than simply lowering bills – and we’ve deliberately set ambitious targets to help us transform how people think about energy.
"We’ll create jobs where they’re needed most, grow the business to £100m turnover, achieve profitability by 2021 and be positioned as an influential player in the GB energy and social enterprise sector.
“This funding is a significant step forward in helping us achieve these ambitious business plan goals.”
Launched in 2016 by social housing providers which includes housing associations and local authorities, Our Power was set up as a social enterprise with the aim of providing fair, affordable, clean and secure energy for all customers, while removing discrimination and poverty from the energy sector.
The actor Michael Sheen and patron of Social Enterprise UK supported the project and said: “Spending time with the team at Our Power was a highlight of my trip visiting social enterprises in Scotland. Their team, their journey and their ambitious plans are a real inspiration.
“Their balance of commercial and social is really impressive, and exactly what I think a social business model should be striving for in this area: taking risks and pushing for a fairer and more affordable energy provision.”
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