Enova Energy is planning its expansion.
Enova Energy is planning its expansion. Contributed

How to buy part of this company for just $100

AS INNOVATIVE Northern Rivers enterprise Enova Community Energy prepares to expand into all of NSW, Victoria, Queensland and South Australia, locals are being invited to invest in the company.

Enova has been working on an alternative power model that can be replicated in other towns and regions.

The company's chairwoman, Alison Crook, said it was driving a community-led energy transition, tracking towards a 100 per cent renewable model where local homes and businesses produce, consume and share Australia's abundant solar resource, supported by other sources of renewables and batteries.

"Enova is scaling up to replicate our model," she said.

"As a retailer Enova will support and enable decentralised and distributed renewable energy solutions for communities across Australia while assisting them to reduce carbon emissions."

More than 'just another business',

Enova is Australia's first community-owned energy retail company, and is also a social enterprise.

It returns 50 per cent of profits after tax and reinvestment, back into the community via its not-for-profit arm.

Enova's managing director, Tony Pfeiffer, said: "Enova is dedicated to changing the energy industry and through various innovative pilot projects like solar gardens and microgrids, we are already leading communities to take charge of owning and producing their own renewable power and in turn lowering their costs."

The company's expansion builds on its successful growth since it began in the Northern Rivers just two years ago.

Enova has created local jobs and now has more than 20 staff, has a strong customer base, and has kept money in the local economy.

Now poised for expansion, a $3 million capital-raising crowdfunding bid has been kicked off.

From as little as $100, householders and organisations can now buy a share of Enova.

Shares issued will be $1 each with a minimum purchase of $100. The share offer closes on October 4.

"The low minimum subscription provides an opportunity for more people to invest and in doing so, help drive a community-led transition," Ms Crook said.

"Because, together we can make a difference."

The share-purchase offer is available through Crowd88 website.