The new UK energy firm launched its fundraising campaign with investment platform Crowdcube on 2 March, offering nearly 2.5% equity in the business to raise £150,000 over a four-week period. Within the first seven days, the initiative has attracted over 270 investors and has exceeded its target.
Rebel Energy is preparing to launch in the UK market over the summer, focusing on affordable tariffs with flexible payment methods. These will include weekly direct debits for vulnerable people, 100% renewable electricity, non-profiteering from carbon offsetting initiatives, and investment in programmes to increase biodiversity.
Rebel Energy CCO and co-founder Penelope Hope said: “We’re absolutely delighted with the support that we’ve received from the Crowdcube community, both financially and otherwise. It’s particularly thrilling to see investors wholeheartedly engage with our mission to make renewable energy accessible to all.
“We note a growing trend of awareness around the root causes of environmental decline – injustices such as lack of education and employment opportunities or inadequate housing provision. Our intention is to spearhead a movement of change that addresses these injustices, paving the way for a more equitable and sustainable future.”
The money raised through the crowdfunding campaign will be used for marketing and advertising before the launch and to strengthen Rebel’s capabilities, including service underpinned by AI at the customer service centre in Worksop, Nottinghamshire. Rebel Energy will start onboarding a small number of customers from the spring before its full market launch in the summer.
Rebel Energy CEO and co-founder Dan Bates said: “This is the first time an energy company has gone to market with a joined-up social and environmental mandate, committing to affordable green energy tariffs for everyone.
“We’re setting out to show what an ethical and affordable energy supplier looks like in the UK, one that not only champions renewable energy, but also helps address fuel poverty and protects the most vulnerable people in our society.”
As part of its equality strategy, Rebel Energy will use next-generation credit checks to put customers onto better tariffs and improve their credit ratings, in a market environment where 50% of UK households are financially vulnerable and that contributed to more than 16,500 cold-related deaths in 2018.