ETHICAL lending platform Ethex has launched a new Innovative Finance ISA (IFISA)-eligible bond offering which will help the city of Cambridge achieve its carbon-free goals by the 2030s.
The Electric Blue Cambridge EV Bond Offer will be used to expand Cambridge’s network of electric car charging points. It will pay five per cent in annual returns over a five-year period, and residents of Cambridge can invest for as little as £250. For non-Cambridge residents, there is a minimum threshold of £1,000 to invest via the IFISA, or £500 for non-IFISA investors.
Ethex is aiming to raise £350,000 through the bond offering.
“This is a great initiative for those looking to invest in the future of Cambridge whilst targeting a five per cent per annum financial return,” said Lisa Ashford, director and chief executive of Ethex.
“Within five years, it is estimated that the project will reduce the city’s production of carbon by 3,763 tonnes – equating to 22,578 trees – allowing the public to invest in an initiative that will not only help the UK to meet its climate change commitments, but also supporting clean air initiatives within their city.”
By the end of the investment period, Ethex hopes to have funded the installation of up to 21 charging points across Cambridge, which can be used by more than 350 e-taxis. The installation will be managed by Electric Blue, a Hertfordshire-based producer of charging stations.
“We are really excited about launching the Electric Blue Cambridge EV Bond offer on Ethex platform for retail investors,” said Alex Calnan, founder and managing director of Electric Blue.
“At Electric Blue we are passionate about improving the air quality in our communities and our business model helps the UK to meet legally binding climate change commitments whilst seeking to deliver financial value to our customers and investor.”