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Iduna raises £4m for EV charging in Manchester in just six days

Image: Getty.

Image: Getty.

Car charging scheme Iduna has attracted over £4 million in investment in just six days.

The company closed the bond offer on Wednesday 21 March, following one of the fastest investments of its size on the ethical investment crowdfunding platform Abundance.

Iduna will use the funds to install 50 new fast or rapid electric vehicle chargers around Greater Manchester, which will be entirely powered with renewable electricity from Octopus Energy. The charge points will be built at high-traffic locations, and help to support the region’s aim to be carbon neutral by 2038.

The investment was made by 1,368 people across the UK, and consisted of 5-year secured debentures that pay 9% interest per year. Of these, two-thirds were made through the Abundance Innovative Finance ISA.

Asif Ghafoor, CEO of Iduna, said they were “thrilled with the success” of their first raise on Abundance.

“This shows that people across the UK want to participate directly in solutions to the climate emergency, and recognise the urgent need to decarbonise the UK’s transport sector. Our EV chargers will use the latest charging technology and data analytics to help Greater Manchester achieve its strategy to be carbon neutral by 2038.”

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