A solar business that raised £1 million from almost 400 individual investors through crowdfunding less than 18 months ago has collapsed into insolvency. In one of the largest failures of a crowdfunded business in the UK, administrators have been appointed at Solar Cloth Company. The Cambridge-based business, which made a light, flexible solar “cloth” that could be placed on non-load-bearing roofs, raised £967,130 on Crowdcube, an equity crowdfunding platform, in January 2015. This was almost £220,000 more than the company’s directors said that they needed as they told investors a sale for “£100 million in three years’ time” was on the cards. However, yesterday the business blamed a downturn in the industry that followed cut in government subsidies for starving it of sales revenues. Investors who backed the business via Crowdcube have been informed of it s failure, it said. Their investment almost certainly has been wiped out.
Times 24th May 2016 read more »
A new ‘cashback’ scheme is to allow owners of domestic solar panels to convert their future Feed In-Tariff (FiT) payments into a single upfront lump sum payment. The finance plan, launched today by new firm Share Solar alongside green crowdfunding platform Abundance, allows those who installed solar panels before April 2012 to secure a one-off payment in exchange for their future feed-in tariff incentives.
Business Green 23rd May 2016 read more »