Ripple energy "strike off"

[Fueltheburn]

This is why I paid by credit card.
In the "hope" it affords me some protection.
Beyond disappointed with the deception going on from Ripple.

This to me looks like they are protecting themselves as the company winds down.
Stay calm people...please don't make a run on our finances as we need to make sure the board is paid first

My section 75 has been a week now and no update.
On the plus side if Ripple do go bust, section 75 should be easier. The bank acts as the creditor in this case.

[Joeboy]

And from the GF Board, looks like they are looking at an exit from Ripple who's future is now probably existentially finished.

GRAIG FATHA BOARD UPDATE TO MEMBERS MARCH 2025

You may have heard from Kirk Hill updates or elsewhere that there have been changes at Ripple Energy and discussions between Ripple and the Co-ops on both recent events and working together in the future. This note is to update you on the situation as it affects Graig Fatha Co-op and you, our members.

We are working closely with the other co-ops and with Ripple to find a sustainable solution which ensures the smooth operation of Graig Fatha turbine and the financial integrity of the co-op in the future, to the continued benefit of members.

Your investment remains secure as both the Co-op and Special Purpose Vehicle (SPV) in which we hold the majority interest remain financially strong as shown in the latest accounts. Power generation continues to be strong and pricing for power has been agreed with Octopus from April onwards (the annual review); once we have finalised the operating costs and ongoing management services details, we will announce the new member savings rate.

We continue in an open dialogue with Ripple and will provide further information as the situation develops, including any change to business arrangements.

My one regret was having to lose my shares in Graig Fatha. I was emotionally connected to that turbine. The rest was for the RE craick & cash only.

For what it's worth, I still think the projects will go ahead and in time the investors will look back on the 25 turbulence and say "Eh"?

In saying that it won't be a bad thing for GF to go it alone if it falls that way.

WB is being sold to another entity with Ripple still acting as the management company for their bamboozled investors once that goes through? Is that how it is?

[cojmh]

This is why I paid by credit card.
In the "hope" it affords me some protection.
Beyond disappointed with the deception going on from Ripple.

This to me looks like they are protecting themselves as the company winds down.
Stay calm people...please don't make a run on our finances as we need to make sure the board is paid first

My section 75 has been a week now and no update.
On the plus side if Ripple do go bust, section 75 should be easier. The bank acts as the creditor in this case.

This is what I am beginning to suspect too ..... I have been trying to get my head around why there is an auditor and a "Specialist Investigator".

An auditor should be looking at everything required to produce a set of true accounts that is independently verified. So what is the specialist investigator doing?

It sounds to me like the specialist investigator is a forensic accountant looking into some form of malfeasance - which is also why they cannot tell us what is going on (and why will be understanding of the lack of information in the fullness of time).

I guess time will tell .... but as many others have said not time to panic yet as most projects should be able to run independently of Ripple, should that happen.

[Joeboy]

Fingers crossed for financial incompetence only then.

At least that way the money will still be there.

[NoraBatty]

WB is being sold to another entity with Ripple still acting as the management company for their bamboozled investors once that goes through? Is that how it is?

Who knows.
bayware originally were developing the site. This has apparently now been bought by Thrive to develop further.
As for where Ripple/we stand, before christmas we were updated that Thrive had completed their purchase and that they are currently "aiming to facilitate shared ownership" with thrive.
In Janurary we got an "update" that said they were still trying to facilitate shared ownership with them.

They left share buying open after the deadline for months, then stated share buying was closed due to a possible co investor.
Was this thrive?! Who knows. Maybe.

We have then been told they hope to reopen the shares offer soon.

The project is delayed by some months, which is not unusual but is not being updated on.

To my knowlwdge not one question on the community has been answered by Ripple for WB.

The only thing i do know that is even remotely helpful is that "if the project does not proceed during the initial phase, every member is entitled to a refund".

With no updates or answers to any questions, it is hard to say if the initial phase is concluded or not.

[Tinbum]

Anyone seen this?

Ripple Energy (company 10565718) has filed as follows:
“This company has filed a NAAA3 application. Companies - Application - Notice of Intention to appoint an administrator.”

[Joeboy]

Anyone seen this?

Ripple Energy (company 10565718) has filed as follows:
“This company has filed a NAAA3 application. Companies - Application - Notice of Intention to appoint an administrator.”

Where did the data come from TB? Nothing on companies house since early March.

[Tinbum]

https://europe.republic.com/businesses/ ... c_id=66101 (was seeds)

You have to log in so you may not be able to see it but one person states "It's showing on Creditsafe that they have appointed administrators."

[nowty]

Anyone seen this?

Ripple Energy (company 10565718) has filed as follows:
“This company has filed a NAAA3 application. Companies - Application - Notice of Intention to appoint an administrator.”

Its been posted on the private Europe Republic (formally Seedrs) discussion group for Ripple Energy, i.e. the platform used to raise Equity finance for Ripple Energy. The notice is posted from a Credit Risk company, the details look legit although no info as yet on Companies Hose.

Looks like they have finally run out of money with no chance of raising any more so its either someone else will take them over as a going concern or else pick the bones from the administrators. I suspect the deal with Thrive Energy (for WB participation) has collapsed thus Ripple Energy would not be able to have access to their WB arrangement fees. That might have been the trigger, but I am speculating here.

Equity owners (this does NOT apply to Ripple Project Owners) in Ripple Energy will either lose everything or be significantly diluted down in a going concern bail out.

GF and KH owners should be OK as they are effectively running without Ripple's help, although they will obviously be some short term turbulence as is currently apparent and maybe a temporary halt to payments as the debacle is sorted out. We do know that the annual PPA with Octopus for GF has already been agreed from next month but unsure as to the status for KH which is more complicated as there are more energy suppliers involved along with the debt financing.

DW should also be OK as they have loan financing from the parent SPV for another year and the project is mostly complete, maybe more of a concern short term as may need another manager to take over the completion although these projects were mainly turn key project contracts with the respective Coop's.

WB investor funds should still be safe and partitioned but if the worst happens, there will likely be a long delay to get the funds back from an administrator. Unsure about whether the refunds will be in full or whether the administrators are allowed to take some fee's to facilitate the refunds.

Then it will be debatable whether the existing Coop's can remain "Trading Benefit" Coops or not which may have unfavourable taxable implications.

[John_S]

Ripple's business model of financing projects via a Coop structure was always doomed as investors were limited in the cumulative amounts that they could put into Ripple projects.

Whilst it made sense at first as the regulatory burden of raising the capital was lighter and thus cheaper for a Coop than a PLC, Ripple should have switched after Kirk Hill as the writing was on the wall for the sustainability of their business model.

Pity, the idea was good but the execution was not.

Anyway, I am proud to have helped GF come to life and it's bonus second year at 27p per kWh was a windfall.

I have 200 shares in Ripple Energy which cost me £1,820. At the worst, if I have any losses they can offset other gains now that the tax free allowance for capital gains tax has reduced from £12k to £3k. Presumably the same with Coop losses if they occur.