A change of focus away from the world of global financial exploitation and towards local investment to develop resilience and build the green economy in our communities. A new renewable energy co-operative was born in Stroud on 25 January, when Ecodynamic's founding Community Share Offer was launched, appropriately enough in our local micro-brewery Stroud Brewery.
Ecodynamic has been founded in association with the Biodynamic Land Trust, as an anchor investor, to reinvest surpluses from renewable energy into sustainable food projects. Ecodynamic is seeking to raise £350,000 by 22nd March to purchase and run a new 55KW Endurance wind turbine in Cornwall. Shares have a projected annual return of 3% rising to 5% after year three over the 20 year life of the project. Greg Pilley said at the launch, ‘I will invest £1,000 in Ecodynamic to keep the local community investment revolution fermenting for renewable energy generation.’
Ecodynamic is applying to HRMC for EIS relief, which if successful, will allow UK tax payers to get 30% tax relief in year one, so a £1000 investment will attract £300 tax relief, if EIS is approved. As a mutual organisation, all members will have equal votes in how the society is run and what projects will be supported.
Founding Ecodynamic director Martin Large, (who set up Fordhall Farm’s pioneering charitable co-op structure in 2005-6, and who is a director of Stroud Common Wealth) says that, ‘Ecodynamic offers the attractive combination of both getting interest on your investment in a community energy project, which is backed financially by the government’s Feed in Tariff , and also reinvesting any surplus into viable food and energy projects.’
Ecodynamic directors are experienced in business, co-ops, renewable energy, farming, banking and finance. Ecodynamic respects co-op principles and has a vision to create a ‘co-operative turn’ towards a sustainable social economy, just like the West Mill Co-op. James Mansfield, also a Director, said ‘I see Ecodynamic as having tremendous potential to contribute to our society’s present and future wellbeing, by reinvesting surpluses from renewable energy projects into sustainable, biodynamic and organic food production.’
If you have some money to invest and you would like to see it used to build resilience into our local economies you know where to go.