New wind energy project taps into crowdfundingOctober 1, 2013
Wind energy company turns to the crowd to fund new project
Crowdfunding has proven itself to be a powerful tool for various creative pursuits, but it may also be valuable to the world of renewable energy. Tapping into the financial power of the general population has turned many dreams into a reality over the years. People around the world have shown that they are willing to invest in projects they are interested in, even if their investment is only enough to cover the fraction of the cost of an actual project. Windcentrale, a Dutch renewable energy company, has shown that crowdfunding can, indeed, be a valuable source of financial support for the wind energy sector.
Company raises needed funds in just 13 hours
The company has raised more than $1.3 million in funding for its ambitious wind energy project. Windcentrale opted to pursue crowdfunding in order to make the general population more engaged with renewable energy, as well as take advantage of the growing popularity of corwdfudning platforms. The company’s crowdfunding campaign is funding the development of a wind energy turbine in the middle of the Netherlands. Some 1,700 Dutch households have invested in the project so far and the turbine is expected to produce nearly 500 kilowatt-hours of electrical power annually.
Wind energy continues to grow in Europe
Wind energy has established a strong foothold in Europe, with many countries focusing on supporting this form of clean power for economic and environmental reasons. The financial support that is offered to the wind energy sector is just part of the support that governments give to clean power as a whole. Energy companies often compete for a finite amount of funding from governments, which can leave some projects underfunded. This is where crowdfunding can be a boon. Projects that have not received strong government backing, or those that have not interested prominent investors, can still find the financial support they need by engaging the general public.
Renewable energy is still new to the field of crowdfunding
Crowdfunding is most often seen in the technology sector and some creative fields. Artists and game developers often rely on crowdfunding in order to bring their ambitious projects to life. Wind energy has managed to make some progress by tapping into the financial flexibility of the crowd, but clean power, as a whole, has yet to win a prominent place on many popular crowdfunding platforms.