Incorporation - Key to Unlocking Funding Opportunities

Our group of volunteer members have just gone through the process of forming a company limited by guarantee, under ASIC regulation.

The new entity is Community PowerShare Limited – ACN 674 308 180

We have been fortunate to have been guided by a Sydney law firm on a pro bono basis. The decision to form a company limited by guarantee was based on advice around the nature of transactional business involved in running a large community battery asset, plus the need to protect our volunteer management group from undue financial risk.

A big thank you also, to Alex Lucas and the team at Distinct Accounting at Avoca, who have generously provided their premises as our Registered Office.

We remain a Non Profit Company as recognized in the ASIC register, with our original Objects enshrined in our Constitution - see extract below:

3 Objects

3.1 The Company’s objectives are to:

(1) facilitate the aggregation and sharing of abundant excess electrical energy from rooftop solar installations within a specific area or areas (which will initially be the area encompassed by NSW postcode 2251);

(2) store energy generated from rooftop solar installations in a community owned battery for use by members of the scheme at later peak times;

(3) transfer energy from houses which are owned or occupied by members of the scheme with rooftop solar to those houses which are owned or occupied by members of the scheme without rooftop solar;

(4) facilitate the transition to a fully renewable energy economy; and

(5) encourage the further uptake of rooftop solar installations.

3.2 The Company will only apply the income of the Company toward promoting the objects of the Company, this can include but is not limited to:

(1) reinvestment in maintenance, enhancement, expansion or replacement capital equipment;

(2) expansion of the scheme; and

(3) contingency costs for retirement or recycling of capital assets

Grant funding will be essential for the advancement of our scheme. We are still looking for small grants at the local or state level for feasibility studies, prior to seeking a large grant for the battery asset from ARENA. All the grant offerings require applicants to be incorporated.

The journey continues.