Crowdfunding has for the first time been used to raise funds for energy recovery, and has raised £3m for waste gasification expert CoGen.
The company raised the money through the Abundance platform, and is now extending the deadline to allow more people to invest so it can raise up to a maximum of £7m.
The opportunity to invest in energy recovery facilities in the UK was opened in December and will remain open until 31 May.
Abundance co-founder and managing director Bruce Davis said: “CoGen marks a change in direction for Abundance, and we’re very pleased that more than 1,400 of our investors have already backed this project which supports the transition to a greener economy.
“Their investments will make a real and meaningful difference by diverting waste from landfill and incineration, and generating lower carbon energy. We are extending the investment period to allow others to get on-board with this exciting new technology.”
CoGen investors are offered a 4.5-year secured debenture paying an annual return of 10%, eligible to be held in a tax-free ISA.
CoGen claims to be the first company in the UK to use an advanced thermal conversion technology from Japan at its Hooton Park facility, Wirral.
The company said it was the UK’s first major waste gasification facility not to rely on Government subsidies, and operates to the highest environmental standards including the Waste Framework Directive.
A further four gasification facilities have been developed in the UK by CoGen, which are all now operational.