We’ve made it! £980,000 raised in successful share offer

Successful Share Offer Raise of £980,000
Success! Thank you to all of our investors!

Reading Hydro CBS is pleased to announce that following the recent reopening of our Share Offer to new investment, we have been successful in reaching our revised target of £980,000 to build and operate twin Archimedes turbines by Caversham Weir in Reading, UK.

Successful Local-led investment

2020 has certainly been a challenging year, and it has been no different for Reading Hydro, as we reached a critical point for our project in the summer. Following on from our Share Offer Raise earlier this year in February, and after obtaining firm quotes and timescales for delivery of both our required infrastructure and equipment in the following months, the Board of Directors decided that a revised Share Offer and a reopening period was needed to ensure that the construction of twin Archimedes Screw hydro-electric turbines could go ahead by Caversham Weir.

We reopened our Revised Share Offer in August 2020 with a new target of £980,000, with current and new investors welcomed to join and build on their commitments to the project as to help us reach our revised target. We further extended the offer into early September as to allow more local investors their chance to get involved with the project, offsetting any ‘surplus’ against the £100,000 investment from our biggest institutional investor, Co-operatives UK. This extension has allowed us to ensure that 96% of our investors are people and businesses that are local to Reading and the Reading area – truly a phenomenal achievement for a project run by locals, for local benefit.

A Significant Milestone

Having closed the Share Offer following a successful raise, the Board of Directors are now placing into motion the next steps of the build and administration of the scheme. Our administrators, Sharenergy, will be contacting investors to formally issue their shares to them prior to the end of September – Reading Hydro asks that all investors keep an eye out for this communication, and that they should contact us at their earliest convenience if after September they have not received the official issuing of shares notifications.

Concurrently, the Board are also working with our Civils contractor, Land & Water, to prepare our site and start the process of building the foundations for the turbines. This work, scheduled to take place during the rest of 2020 by Caversham Weir, will be the first phase of building for the project, with the planned installation of the Spaans-Babcock Archimedes screws taking place in early 2021.

Our sincere thanks

The Board of Directors wish to thank all of our investors, members and volunteers who have committed themselves to this project to help ensure that clean energy from the River Thames becomes a reality for Reading. there is a long way to go yet, but we are confident that we are making real progress in delivering sustainable energy for the benefit of the Reading community.

With Many Thanks,

The Directors,
Reading Hydro CBS Ltd

Group of Reading Hydro members celebrating by Caversham Weir
Thank you to all our members and investors for making our share offer a success!

Main Share Offer: Open to new applicants

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.

Apply Now for our Updated Main Share Offer

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.

Get Involved!

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.

Reading Hydro CBS Board welcomes new and current investors to review our updated share offer
Reading Hydro CBS Board