Enel X-October: green crowdfunding for SMEs
Thanks to this new agreement, Enel X’s business clients can now quickly access the online crowdfunding solutions offered by October for their green projects
Published on 30 September 2020
This new agreement signed with October, Europe’s leading online business financing platform, aims to help SMEs to develop renewable energy and energy efficiency projects through crowdfunding.
Thanks to the Enel X-October partnership, our clients will be able to use the platform to raise funds from a community of investors interested in backing green energy production and energy efficiency projects, such as photovoltaic, thermal solar, boiler and air conditioning installations. This will make it more attractive than ever to install photovoltaic panels on company roofs, perhaps accompanied by a battery to store the energy generated so that it can be used as required, or equally to produce and consume energy directly on site (self-consumption), selling any excess to the grid. All of this can be achieved very rapidly thanks to these new financing opportunities and the support of private and institutional investors willing to advance the money required. This represents an important support for the world of small and medium companies, which is in particular difficulties and experiencing a challenging liquidity crisis, especially in the aftermath of the Covid-19 emergency.
What you need to do in order to obtain green funding
More specifically, our clients will be able to access the October platform, check their eligibility for finance and advertise their projects. Company applications will be evaluated by October and, based on their credit risk, funded by October financers interested in backing green projects. This will make it possible for applicants to quickly receive a finance offer complete with loan duration and instalment amounts, through the platform, which will in any case provide a free, personalised evaluation of the investment required.
“This fund-raising system not only allows our clients to pitch projects related to the development of sustainability and renewables but it also permits small investors to participate in the energy transition using a fast, simple tool,” explains Marco Gazzino, Enel X’s head of Innovability.
“This broadens the audience of stakeholders fuelling a virtuous system that has genuinely helped many companies to diversify their sources of financing,” adds Sergio Zocchi, CEO of the Italian branch of October, which was founded in France but has now spread its wings to Spain, Germany and Holland. The platform has already seen over 425 million euros disbursed to 885 development projects of SMEs of various sizes and sectors. In September 2019, October was added to the Next40, France’s list of 40 startups with the highest growth potential.
The initiative, which was born out of Enel’s corporate entrepreneurship programme, will further enrich Enel X’s offer to Italian SMEs.
The agreement with October will broaden its scope of action and boost the financing potential for green projects. Simply, and much more rapidly.
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