A company that makes construction materials out of waste is aiming to raise £300,000 in 60 days from small investors to develop its products.
Econovate, in Greenway, Hemel Hempstead, is working to put together a demonstration plant to prove its technology and start selling the thermal and acoustically engineered breeze blocks made from waste paper, cardboard and other discarded materials.
The company is using a method called crowd funding in its bid to raise the cash, in return for which investors will get to own a percentage of the company and a share of the profits.
Marga Pelli, Econovate’s MD, said: “Crowdcube is giving us 60 days to reach our target of £300,000. Some companies manage to reach their target within 15 days and we would like to be one of these companies. Once you make the investment, you will not be charged until the target is reached.
“Before Crowdcube can take the investment amount from your account they will notify you that we have reached the target and that they will charge the amount.”
She described the bid as “exciting”.
The crowd funding website www.crowdcube.com brings together people that would like to support projects that they believe in, in exchange for equity.
In February 2012 Econovate won a regional title in the Shell Springboard competition, receiving £40,000, The competition for small and medium enterprises rewards innovative, low-carbon business ideas.
For details on the bid visit www.crowdcube.com/investment/econovate-ltd-11959