ABERDEENSHIRE brewer BrewDog, has hit its initial crowdfunding target of £7.5million for its crowdfunding investment programme, Equity for Punks Tomorrow, which launched in September.
The brewer recently announced its carbon negative status, as it continues to break from conventional business models and become the world’s most sustainable beer business.
More than 16,000 people have so far invested in what BrewDog has confirmed will be the final crowdfunding offer for the Scottish business.
Equity for Punks Tomorrow launched on September 10 with the initial goal of raising £7.5million. It raised £1million in less than 48 hours, and has now hit its initial target in just over a month, as investors show their belief in the brewer’s commitment to state-of-the-art sustainability projects.
With its initial target surpassed, the brewer will be able to fund projects including direct wind power for its breweries, CO2 recovery, electric vehicle fleets, and converting waste into energy.
James Watt, BrewDog co-founder, said: “As investors continue to join our thriving community of Equity Punks, it proves people believe in our ambition for the business, and want to be a part of our story.
“Announcing our carbon negative status earlier this month was the first step in ensuring that, as a business, we’re holding ourselves accountable for how our actions impact the environment.
“Equity for Punks Tomorrow is a critical part of the evolution of BrewDog, as it allows us to fund the next step in our sustainability plans.
“Every penny from the raise going towards groundbreaking sustainability initiatives. Our aim is for our business to grow while simultaneously reducing our emissions – our success won’t be to the detriment of the planet.”
Having secured over £73million from previous crowdfunding rounds, BrewDog has now set its sights on overfunding beyond its £7.5m goal, with a maximum potential raise of up to £50million before it is scheduled to close on 28th January 2021.
Projects to be activated through further funding include:
- Solar power for its breweries in Berlin, Brisbane, Columbus and its Hop Hub in Glasgow.
- Installation of an eco-distillery for its spirits business at its HQ in Ellon.
- Building breweries in burgeoning Asian markets and France, its biggest export market, allowing for a massive reduction in beer miles.
- Funding research and development to ensure production and packaging level up to meet its environmental commitments.
- Creating BrewDog hubs across the UK to allow for local collection and delivery of its beers via an electric fleet of vehicles.