Renewables crowdfunding platform Lumo acquired by Société Générale
Renewable energy crowdfunding platform fintech Lumo, supported by EIT Climate-KIC, has been acquired by the Société Générale, France’s third largest bank.
The move is part of Société Générale’s ambitious 2020 goal of raising €100 billion to finance the energy transition, and is an affirmation of its commitment to climate.
“This acquisition is a strong symbol of recognition for the relevance of our model,” said Alex Raguet, Co-founder and CEO, Lumo. “We’re very excited to integrate into the Société Générale group, which will enable Lumo to benefit from new capacities, so it may take an unprecedented step in its development strategy and carry out the mission we’ve set for ourselves: To contribute to the development of useful projects and concrete actions that have a positive impact on our environment.”
Lumo, which joined EIT Climate-KIC’s Accelerator programme in 2015, making through phase two and three, is focused on engaging as many people as possible in the energy transition.
Transition to efficient and renewable energy is an essential part of climate change mitigation, and this process requires mass mobilisation, as well as funding. Lumo was created with this in mind; to bring together people willing to act with their savings (called Lumonautes) and project owners wishing to involve residents in France’s energy transition.
“There’s an urgency to switch to an energy production model that’s less impactful for our environment. Everyone can act, drive the change, and find solutions,” said Raguet. “The best way to predict the future is to co-finance it.”
Lumo analyses the economics of renewable energy projects. Once accepted, it defines the financial product offered to the Lumonautes: Duration, amount collected, amortized or not, and yield (today it’s from 2.5 to 7 per cent). Then, the fundraising campaign is published on Lumo’s website and becomes accessible to its investors.
For several years, Lumo has worked to mobilise private investors (individuals and companies) to support eco-friendly energy projects. Now, it wishes to develop its business model to meet the requests of energy professionals who wish to secure crowdfunding for their projects—both in France and abroad.
Lumo also took part in EIT Climate-KIC COP21 Solutions events, which ran during the development of the Paris Agreement.
You can learn more about the acquisition via this video:
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