Just three weeks after The Big Lemon launched a £405,000 bond to raise money to buy three new electric Optare Solos, plus a secondhand fourth to be retrofitted from diesel to electric, it has hit its target.
The £289,000 new bus and £114,00 Magtec retrofit are being supported by £513,000 DfT and £114,000 Clean Bus Fund grants, respectively.
Bonds were offered by the Community Interest Company (CIC) on a three-year term at 4%, and a five year term at 5%, with a minimum investment of £100.
Now it is raising another £135,000 to buy a further secondhand bus and retrofit it to elelctric, with another bond/share purchase scheme, at the same terms. This will bring the electric fleet to seven.
It means that Brighton-based coach and bus operator will be able to run its network of six contracted bus routes in Brighton and Hove with battery-electric buses, powered by solar panels on the roof of its depot. The new buses will enter service in the autumn.
Says CEO Tom Druitt: “Because of the huge response we’ve had we’re extending our plans to cover an extra bus, which will enable us to ensure the network is electric even when a vehicle is having its four-weekly maintenance inspection.”
Adds Mr Druitt: “From a personal perspective the success of this campaign is very exciting as it shows that communities do not need big business or banks to fund the improvements they so desperately need – people power can do it too.”
Find out more: https://thebiglemon.com/electric/
