NAME OF ORGANISATION: Co-Cars
LOCATION: South West
YEAR FOUNDED: 2011
ABOUT: Co-Cars is a low emission, shared car network and on-street electric bike hire network.
INVESTMENT PURPOSE: To scale up the Co-Cars network across the South West.
INVESTMENT AMOUNT: £150,000
DATE OF INVESTMENT: September 2020
SOURCE OF INVESTMENT: Health and Wellbeing Challenge Fund, Community Share Offer
IMPACT THEME: Energy & The Environment; Community & Local Democracy
ABOUT: Transport emits more greenhouse gases than any other UK sector. Co-Cars are working to combat this with the aim of creating greener, calmer and more connected places for people to thrive. Co-Cars is an eco-friendly vehicle sharing co-operative, aiming to transform travel across Exeter and the wider South West through ‘on demand shared mobility.’ There is an acceleration in our collective journey towards zero carbon, both at a Government level (for example, the 2030 ban on new petrol or diesel car sales) and at a community level, with the widespread adoption of local climate action plans. Co-Cars are supporting this movement through their electric car and bike hire, the Co-Delivery service, and Co-chargers for people with electric vehicles but no charger at home.
PURPOSE OF INVESTMENT: The community share capital raised, plus the investment from the Health & Wellbeing Challenge Fund (South West), was to increase Co-Cars hybrid and electric car and bike fleet, as they look to scale up their network across Exeter and the wider South West region. As lockdown restrictions eased, people were more aware than ever of the impact their transport choices have on their health and the wider environment. This awareness coincided with a significant expansion of both the electric car fleet and e-bike network, alongside developing products and services to support businesses transitioning to a new way of working whilst also helping them meet their zero carbon targets.
Tom Crook, Investment Manager at Resonance: “Working with our Community Asset team, Co Cars developed a strategy to meet both their investment needs and to drive community engagement. They needed to raise £600,000 and decided a blend of community shares and unsecured debt would provide an effective solution to meet their cashflow needs, whilst at the same time involving the community as they tackle the environmental and congestion challenges facing Exeter and the surrounding area.”
Resonance Limited is a company registered in England and Wales no. 04418625
Resonance Impact Investment Limited, a subsidiary of Resonance Limited, is authorized and regulated by the Financial Conduct Authority (FCA). Firm number 588462.
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