A new domestic gas and electricity company has launched today (27 March), with the pledge of giving a share of its business to charities.
Home Energy pledges to give to charity and save its customers money. According to the company, its customers will effectively be donating 20% of the company plus approximately 1.5% of its annual income to their chosen causes while they heat and light their homes.
It aims to deliver this in the following way: people who switch to Home Energy via its website can nominate a charity to receive the cash value of shares in the business when it floats on the stock market in around 2025. Based on a conservative flotation valuation of £100 million, it says this could create a £20 million windfall for worthy causes. Until this time, the charitable shares will be held in a trust.
Home Energy will also make annual donations of approximately 1.5% of its income to its customers’ nominated charities from the start, which it believes could see annual donations exceeding £2.5 million in five years’ time based on a conservative forecast of turnover.
Home Energy is launching nationwide today! Our mission is to provide affordable energy whilst being the first energy company to give a portion of its business to charity – and you can choose where the money goes! #energy #gas #electricity #charityhttps://t.co/bm2VI9DAie pic.twitter.com/futWJy9wcI
— MyHomeEnergy (@MyHomeEnergy1) March 27, 2019
The new energy firm has identified five charitable areas which customers can choose to receive the value of 20% of its shares, each of which has personal meaning for the company’s founders: hospices, neurodegenerative diseases, Alzheimer’s and dementia, cancer, and animal welfare. Alternatively, customers can nominate a specific charity of their choice.
To encourage new customers, as an introductory offer the company is also giving a 5% rebate on the first 5,000’s first year’s bills.
Home Energy is also in discussions with a number of organisations — including two national cancer charities — about partnerships to help grow the business and the funds that will go to the good causes.
Kevin Stoker, Founder & CEO of Home Energy (pictured), said:
“We’re determined to set an example of how companies and charities can work together — creating new ways for ethically-minded people to give to good causes, simply by being a customer. We’re breaking the mould of how businesses can harness customer action for social good.”
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