A PEER-TO-PEER bond backing tidal power has broken the opening day subscription record on Abundance after raising more than £1m within 24 hours.
Ethical P2P platform Abundance launched a new investment in tidal power provider Atlantis Resources on Tuesday, offering an annual rate of eight per cent over five years.
Atlantis Resources, listed on the alternative investment market, is looking to raise a minimum of £2m to help fund existing projects, technology and repay other debts.
It will also help fund MeyGen, the company’s flagship tidal project. MeyGen started generating electricity off the coast of Scotland in late 2016 and is the first multi megawatt, multi turbine tidal stream power project to begin operations.
The project has currently raised £1.9m just days after launch, so it is already close to the £2m minimum target.
“Setting a new record for opening day subscriptions on the Abundance platform reflects the outstanding demand for the Atlantis Ocean Bond offer and I am absolutely thrilled with the response from investors,” said Tim Cornelius, chief executive of Atlantis Resources.
“They clearly recognise the excellent growth prospects of our business during what is an extremely exciting juncture in the history of tidal power.”
The minimum investment is £5 and the project can be held inside the Abundance Innovative Finance ISA.
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