Ripple energy "strike off"

[Tinbum]

I just find it disgusting that everyone that has paid into WB has absolutely no idea what has happened to their money and they have been totally abandoned.

I invested in Ripple and also put money into WB. I accept that the Ripple investment was a risk but WB shouldn’t have been. The offer said we would get our money back if it didn’t go ahead.

Shame on Sarah M for not even mentioning WB in her e mail to everyone. The lack of communication speaks volumes.

[Yuff]

Chargeback request sent to card company.
What a shambles

[cojmh]

I just find it disgusting that everyone that has paid into WB has absolutely no idea what has happened to their money and they have been totally abandoned.

I invested in Ripple and also put money into WB. I accept that the Ripple investment was a risk but WB shouldn’t have been. The offer said we would get our money back if it didn’t go ahead.

Shame on Sarah M for not even mentioning WB in her e mail to everyone. The lack of communication speaks volumes.

At this point - with administrators in (who will potentially also be liquidating the company as per the info above) the people who ran the business will be doing everything to shore up their own position with little to no regard for anyone else. If something naughty has been done then they will not be publicly saying anything.

Given that Ripple won't tell people what is going on - I think it will now be a case of waiting on reports back from the liquidators.

Right at the start of this I had a look at the filed accounts with companies house. It does not look like there is much money in Ripple energy ltd and I suspect this will all get eaten up by the liquidators.

It is a really sad state of affairs - but I do hope that WB money is OK and it is a case of not knowing the exact details and hence not wanting to say something misleading rather than the money having been used inappropriately.

Fingers crossed - but as FTB said .... get your money back however you can, these things rarely end well and unfortunately it is normally the bigger institutions that get first dibs as preferential creditors.

[Tinbum]

The problem is that it's not just Ripple it is also 'Ripple Coop 4 Limited' as well.

[Adokforme]

I worked in the Metering sector of the electrical industry for four decades during which time there were many ups and downs as we navigated our way through changing times the most distressing decade of which was the 90's when our company shrank from over a thousand to less than two hundred emplyee's. In the space of six years there were five rounds of annual redundancies, it was an awful period and left it's mark on everybody, those losing their livelyhoods of course but also on those having to choose who to let go. I'm not sure anyone escaped unaffected by it all even those still employed.
It is therefore wth great sadness that I view what has happened at Ripple and feel sympathy for everyone concerned knowing that no one will survive the experience unaffected or traumatised in someway. As for me, well I've lost a few bob but had far more in return in being part of a community group doing their bit toward our net Zero goal.

[Tinbum]

Their has been contact with coop4. See link to friends of wb I gave before.

edit added link
https://blog.whitelawbrae.org.uk

[nowty]

Graig Fatha Coop has now a website but don't get too excited.
https://www.windcoop.co.uk/

They have confirmed the rate from Octopus for April onwards is higher than last year, but cannot say what the rebate rate to members will be yet.

Their email update was quite informative.

[John_S]

On the Ripple dashboard, the monetary value of April generation is being calculated at

5.3p per kWh for Graig Fatha

4.3p per kWh for Kirk Hill

(subject to roundings)

Looks like the deduction for running costs has gone up substantially.

[kla456]

Waiting to hear which companies are interested to buy Ripple out of administration.
I think Ripple had the right concept, just Sarah and crew were a bit out of their depth and the concept needs scaling up.
I hope the coops can be kept under one management and move forward together with a better resourced company.
I expect our agreement might be required, for coops that are fully formed.

[jonc_uk]

I started the process of a chargeback for my debit card payment on Monday for the WB project.

I gave details of the payment made in April 2024, the share offer document which on page 17 says:

When you join the co-op you will be provided with your customer agreement completed with your details. If the share offer is successful and enough capital is raised, you will be notified, and the coop will use the capital to purchase the project and progress to construction. If the share raise is unsuccessful (even with the contributions from any co-investors as described in Section 9) and the coop cannot proceed to construction then all funds will be returned to the members and they will be deemed to have withdrawn their shares and cease to be members of the coop. In that instance Ripple would seek to launch an alternative share offer as soon as possible.

I was asked to contact Ripple regarding a refund and told to wait a week for a response. I did, which went into their ticketing system and emailed me an acknowledgement. I told the bank I was not expecting a reply.

SporranMcDonald's post above quoting the FB message from the chair of DW was very helpful, and I passed this along to the bank, explaining that I would not be receiving a reply:

What we now know is that no one has stepped forward to purchase the Ripple business as a going concern and that all employees have been made redundant.

Based on this, the bank called me yesterday and told me that I would be receiving a full refund either Wednesday or Thursday. They said that the chargeback team would then work on the case and there was a 1% chance the funds would be taken back from me - I assume this would be if they found I had been fraudulent in some way. I received the refund yesterday - 2 days after I submitted the request. I am with a small bank though and had direct contact via email and phone with the person dealing with it at my branch.

I asked about the differences between the Section 74 for credit cards and the chargeback scheme for debit cards. The mechanisms behind the scenes for who foots the bill are slightly different, but to the consumer it seems the same these days.

If it turns out that WB goes ahead with similar terms I will happily reinvest, but given zero public information, my funds are better used elsewhere.