After revealing that it now takes twice as much carbon out of the air as it emits, carbon negative beer maker BrewDog has launched Equity for Punks: Tomorrow to fund cutting-edge sustainability projects including direct wind power, CO2 recovery, electric vehicle fleets, and converting waste into energy.
The round will run for an initial 150 days before closing on 29 January 2021 with shares priced at £25.15 each and to be issued in blocks of two, with the minimum investment of two shares for £50.30.
While latest round of Equity for Punks aims hit an initial target of £7.5m by releasing 298,210 shares, BrewDog has already raised more than £1.2m, less than two days after launching its final crowdfund.
Any funds raised above its initial target will support a wider set of projects such as a £10m investment into solar panels at its breweries, a £12.5m new brewery project in France, and a brewery in Asia to more efficiently and sustainably service growth markets in China, Japan and India.
BrewDog also recently purchased 2,050 acres of grazing land in the Scottish Highlands in the hope of creating a 1,500 acre BrewDog Forest – an area of broadleaf native woodlands under the Woodland Carbon Code accreditation programme.
What’s more, efforts to fund a range of sustainable projects come after BrewDog teamed up with dog adoption charities Dogs on the Streets and All Dogs Matter to help four-legged friends find new homes as part of a partnership inspired by writer, director, actor and comedian, Ricky Gervais.
New kind of business model
The launch of Equity for Punks Tomorrow was also confirmed to be the last of BrewDog’s crowdfunding efforts, which have raised more than £79m from 148,000 investors since 2009.
“In 2009, we launched Equity for Punks, and pioneered a new kind of business model,” BrewDog cofounder, James Watt commented.
“Equity for Punks Tomorrow is the next evolution of this, uniting investors across the globe to make a change today to ensure we have a planet to brew beer on tomorrow.
“We believe in action not promises, change is not happening fast enough, it’s time to set a new standard for sustainability, and invest in a future we’re proud of.”
The operator of more than 100 bars across the globe announced its final crowdfunding drive after registering a net loss of £8,151,071 in the six months to 30 June 2020 as a result of the coronavirus pandemic.
Watt recently told The Morning Advertiser that enforced coronavirus saw BrewDog lose 70% of its revenue overnight and caused serious concerns over whether the business would be able to trade once restrictions were lifted.