Crowdfunding success for tidal power turbine company
With crowdfunding, the Dutch tidal power turbine company Tocardo reached its funding target of close to EUR 1mil within one day!
Tocardo (www.tocardo.com) is a Dutch founded and based company and globally a leading pioneer in tidal energy solutions. They design, develop and install tidal power projects to maximise the potential of the tidal energy, that unlike other clean energy sources, like wind and solar, has a predictable and reliable delivery of green energy. A full-scale tidal power plant was installed in the Oosterschelde (NL) in November 2015, and is currently the largest operational commercial tidal power plant in the world with an annual production of 2.5 GWh. Tocardo's CEO, Hans van Breugel is the lead of Action Group EWW.
To finance its ongoing R&D and new project development, Tocardo sought to expand its financing with crowdfunding for the first time, and was surprised to see how quick they reached the funding target. Via the Dutch crowdfunding platform www.duurzaaminvesteren.nl they offered senior bonds starting from EUR500 with an annual interest rate of 6% in a 5 years' tenor (with a 3% initial fee).
Crowdfunding is increasingly an important additional funding source next to project finance and other forms of funding.