Ethical peer-to-peer investment platform launches first campaign for listed company

By Ryan Weeks on 27th June 2017

P2P/Marketplace LendingEquity Crowdfunding

Abundance launches campaign for up to £5m for AIM-listed tidal power company.

Ethical peer-to-peer investment platform launches first campaign for listed company

Abundance launches campaign for up to £5m for AIM-listed tidal power company.

Abundance, the peer-to-peer firm with a focus on ethical investment opportunities, has launched a new campaign for AIM-listed tidal power company Atlantis Ocean Energy. The debenture will pay a gross interest rate of 8 per cent per annum across a 5 year term, and can be held within an Abundance ISA or SIPP.

The project has a maximum raise size of £5m, and must raise a minimum of £2m to close. Launched this morning, it has already raised over £250k. The minimum investment amount is just £5.

The issuer, Atlantis, is a leader in the emergent field of tidal power. Its flagship project, MeyGen, began generating power off the coast of Scotland late last year. Now the firm is looking to combine the £4m which it recently raised through a share issue with the proceeds of the Abundance debenture to accelerate the development of new projects, to repay more expensive debt, and for general working capital.

Atlantis has tidal stream projects in the pipeline in France, South Korea, Canada and Indonesia. The energy firm claims there is the potential for 20 GW of tidal stream projects in the world, with over 11 GW of these opportunities around the UK, mostly in the fast-flowing waters off the coast of Scotland.

“It’s often claimed that the UK is the Saudi Arabia of wind – we can also be considered the Texas of tides,” said Bruce Davis, co-founder and joint managing director of Abundance. “With some of the best tidal resources in the world the UK can and should become a global leader in this proven and exciting technology, and pioneering companies like Atlantis are making it happen.”

Harnessing energy from the tides has only become viable on a commercial scale in recent times. The technologies used by Atlantis work a lot like underwater windmills – but with the benefit of the enhanced predictability of marine currents. The tidal turbines are also obscured from view by the sea, and yet are said to have a low impact on marine life.

“This is the most exciting time in the history of tidal power,” said Tim Cornelius, CEO of Atlantis Resources Ltd. “We want to raise further capital to take advantage of our recent success which will help us achieve the huge potential the ocean offers for generating clean, environmentally benign, highly predictable power across the world.”



29 Jun 2017 09:30am

Thanks for the note Stuart. The headline was meant to imply that it was the first listed company to funded by Abundance, not by the sector.

Stuart Law, CEO, Assetz Capital Ltd

28 Jun 2017 07:55am

Just a small point regarding the headline. This may be the first listed company loan for Abundance but Assetz Capital provided the first Peer to Peer loan to any listed company, Tavistock Investments plc, at the beginning of 2016.

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