Operator announced stretch goal of £135,000 to fund a further electric vehicle for use as a spare, after target for initial three is reached within three weeks
The Big Lemon has successfully raised funds for three new buses through community bonds.
The operator launched a £405,000 bond offer to raise money for three new electric buses, which together with a fourth bus that is being retrofitted from diesel to electric, will enable The Big Lemon to run its network of six public bus services in Brighton & Hove with fully electric vehicles powered by solar panels on the roof of its bus depot.
Bonds were offered on a three year term at 4%, and a five year term at 5%, with a minimum investment of £100.
After three weeks, with a further three weeks remaining before the offer closed, the target was reached and the three new buses were ordered. They are expected enter service in the autumn.
Tom Druitt, Chief Executive of The Big Lemon, said: “I’d like to say a massive thank you to all those who have invested in this project.
“It’s exciting to be on the verge of creating the UK’s first fully electric public bus network in Brighton & Hove and this will make a huge difference to air quality in the city.
“From a personal perspective, the success of this campaign is very exciting as it shows that communities do not need big business or the banks to fund the improvements they so desperately need – people power can do it too.
“Because of the huge response we’ve had we’re extending our plans to cover one more bus, which will enable us to ensure the network is fully electric even when a vehicle is having its four-weekly maintenance inspection”
The Big Lemon has added a stretch goal of a further £135,000, which if reached will be used to fund an extra bus. It is offering both shares and bonds to members of the public.
