The Big Lemon bus company is to buy two – or possibly three – electric buses after driving a metaphorical coach and horses through its £100,000 crowdfunding target.
It had hoped to raise the six-figure sum to put towards one electric bus, using government funding to help with the £250,000 cost.
After an incredible initial response the company doubled its target to £200,000 to go towards buying two electric buses.
But the appetite from supporters was more than a match, with the community interest company (CIC) raising £250,000 by its fundraising deadline.
Big Lemon boss Tom Druitt said: “We’re very excited at the prospect of running electric buses in Brighton and Hove and would like to thank everyone who’s invested in us as well as all those who’ve offered support in other ways.
“The response to our campaign has been incredible and the money raised will enable us to further reduce emissions in the city and improve air quality.
“It will also give us probably the greenest fleet of buses in the country, which we hope will open up further opportunity to offer sustainable bus services in Brighton and Hove and beyond.”
Mr Druitt said: “In January we launched a community bond issue with an initial target of £100,000 to enable us to buy an electric bus for use on our services in Brighton and Hove.
“In ten days we were halfway there and a week later we reached our initial target but the requests kept coming so we rejigged the business plan and set our sights on a new target of £200,000 to fund two buses.
“In the last few days we have exceeded our new target, with a grand total of £250,000 raised for new zero-emission electric vehicles for Brighton and Hove.
“The £250,000 will be spent on two electric buses and the charging stations to keep them topped up.
“The buses will be able to run the whole day with the help of short bursts of extra electricity provided by a ‘fast-charger’ at the end of the route.
“The emissions of the buses will be nil, saving 11 tonnes of CO2, 1.4 tonnes of NO2 and 81kg of particulates per bus each year.
“The community bond issue is now finished but if you missed that boat there is still an opportunity to invest.
“We have launched a share offer for people interested in a longer-term investment that qualifies for tax relief under the Enterprise Investment Scheme.”
To find out more visit the Big Lemon website at thebiglemon.com.
Brighton and Hove Buswatch chairman Andrew Boag said: “Brighton Area Buswatch congratulates the Big Lemon on this achievement. Raising £250,000 in just a few weeks is phenomenal.
“We look forward to seeing quiet zero-emission yellow electric buses on our streets soon.”
Excellent news! About time our city had some truly emission-free public transport.
Why would anyone want to invest in the’not very’ Big Lemon Bus Company?
What are their growth plans? What profits have they made? What dividends have they paid?
If it really is a successful company with excellent prospects then why haven’t they gone to banks and other financial institutions?
What hasn’t Tom (tree sitter and green councillor) Druitt gone on Dragon’s Den to present his masterful business plan?
Isn’t it true that they one operate one bus service that takes fare paying passengers and this only requires 1 bus?
I’d also query what services the electric buses will serve and how they will ensure that they only use sustainable sources of electricity?
I’m sorry, but I do not see such a small ‘company’ making anything more than a token impact on emission levels in the city.