Manchester co-operative Biomass Energy has launched a share offer for a ‘game-changing’ range of biomass boilers.
By offering investors the chance to become member-owners, the co-op hopes to raise up to £90,000 through their Pioneer Share Offer to fund a nationwide launch of the product.
Pauline Morgan, the newly elected chair of the bencom, said it was a rare and exciting opportunity for a co-operative to own the rights to such state of the art technology.
Unlike other biomass boilers, the company’s appliances can burn more than just wood. Managing director of Biomass, Ricky Davies, explained the boiler can use waste such as cardboard, olives, nuts, straw, oat husks and coffee as sources of energy. It is the first biomass boiler that can do this within the UK’s clean air legislation.
“These waste streams can be utilised to create heat whilst at the same time reducing the cost of both carbon and cash on landfill, refuse and haulage. This technology is a real game changer for the renewable energy sector. This plan proposes to establish a high value biomass boiler brand within the UK market that will not only thrive during the current ‘incentive-led’ period but outlast it too, emerging thereafter as the major brand in a new multifuel biomass sector.”
Profits from the boiler would be put towards the community, to set up local community energy hubs with councils, waste producers and landlords. This would provide local energy security, lower heating costs plus create new skilled employment in the local area.
Nick Crofts, the president of The Co-operative Group and non-executive director of Biomass Energy Coop agrees that the project is a real coup for the co-operative movement.
“This community benefit society has the opportunity to be a pioneering force providing significant contribution to the UK’s renewable heat production targets in the same way as Solar PV, wind and hydro have achieved in electricity generation. The facility to use what would otherwise go to landfill as a heating solution has huge potential for our buildings and communities.”