As our investors are aware, we have now reopened our updated Share Offer following a period of review, contract negotiation and value engineering regarding the ‘build’ phase of the project. We pleased to announce that we are actively soliciting for new investors to help us reach our revised targets.
Success and Review
In February 2020, we were able to raise a staggering £872,000 to fund construction of our turbines, well in excess of our initial £700,000 target. As Directors, we are thrilled that so many of you want to make clean, sustainable energy possible on the Thames in Reading – our thanks for your support.
Following a period of review, the Board has concluded that we need to raise a total of £980,000 to ensure a successful build. Whilst a significant increase on our initial target, we are confident in this new figure, with firm orders in place for the equipment and civils – our largest costs . Furthermore, we have some big news to announce in the coming days, so keep an eye out!
Andy, our Director for Strategy, has taken the time to put together a presentation, which you can find above. The video explains our new business case, as well as what has been happening in the project since February.
We, as Reading Hydro, therefore invite our current and prospective investors to review our Shares page on our website. See how you can update and make a commitment to this project to ensure its future success. We hope that upon review, you will be able to support us and help make hydro-electricity in Reading a reality.
The application window for investors will close at Midnight (BST) on Sunday 6th September 2020.
As ever, we at Reading Hydro remind you that all investments carry risk and that prospective investors should seek their own independent advice before committing.