An East Lothian energy supplier that is promising to share three-quarters of its profits with customers is preparing to launch next year after beating its fundraising target.
Gullane-based Our Energy, led by chief executive David Pike, had set itself a goal of raising £10,000 through a crowdfunding platform to help finance its move into the market and obtain a licence from energy regulator Ofgem, and has now secured almost £10,500 via its campaign on the Crowdfunder website.
The firm is aiming to be up and running next year as it seeks to take on the “big six” power companies, although customer numbers will be limited to 30,000 within its first year of operation.
Pike, an engineer who has previously been a leadership consultant for energy giants such as EDF and ScottishPower, said: “Our Energy will bring democracy and transparency to the UK’s energy market.
“Our customers will enjoy the profits, in three years they’ll own the majority of the company and they’ll never have to switch energy supplier again, because they will always have the best deal.”
Our Energy is chaired by Peter Lederer, the former chairman of Gleneagles hotel, who said: “It’s time to build an organisation that gives consumers control and the majority of profits. UK consumers have been at the mercy of the big six for too long.”