Ripple energy "strike off"

[nowty]

There has been an email from GF Coop, KH Coop and DW Coop to their members, there has also been an email from the CEO of Ripple to GF, KH and DW members.

But AFAIK nothing at all to members if your only in WB, I've just checked my Mum's email who is in WB and still nothing from them.

That is truly shocking.

[jonc_uk]

Yes - I have nothing for WB.

[cojmh]

Given that we know the name of the administrator - Begbies Traynor - is it worth giving them a call?

I don't believe they have been fully appointed yet (I think there is supposed to be a meeting at which they are appointed?) so it might not work .... but it is just a thought?

I would call them myself but I don't have an investment in WB

[jonc_uk]

I am happy to wait and see what happens.

This is all going on within a legal framework and I am sure there is lots of activity behind the scenes.

[smegal]

Taken from this Facebook post.


https://www.facebook.com/share/p/18guRpVtAD/


Message from Ripple on Republic investors page

I am sorry to inform you that it has been necessary to cause Ripple to cease to trade. The directors have been required to seek the appointment of insolvency practitioners from Begbies Traynor as administrators.
I updated investors in January saying Ripple had experienced a difficult 2024 when we failed to secure the anticipated growth in members. I also set out that we were in discussions with potential funders.
We had been attempting to secure a Series A investment round for a while. Towards the end of 2024 this was extended to include the potential for an acquisition as well as investment. In early January we undertook an accelerated M+A process, facilitated by BTG Advisory. That process recently came to an end when a party who had indicated interest in acquiring Ripple decided to not progress with an investment. We had also reached out to debt providers, but that was not successful.
We are therefore left with no prospect of securing the funding we need, either through debt or equity, to continue to trade.
We have kept Seedrs updated throughout.
I want to thank all of you who shared my vision for a new type of energy ownership.
The directors believe that the appointment of Administrators is the most appropriate way to deal
with Ripple’s financial difficulties and that the appointment keeps alive an opportunity to rescue the business for the benefit of all of creditors.
Sarah

[Tinbum]

This is what was actually said that she refers to.

" Financial position
Our financial performance in 2024 has not met our expectations. Due to lower
revenues from Whitelaw Brae, our losses in 2024 are greater than set out in the
latest campaign material. We also expect our revenues in the current financial
year to be lower than set out previously.
To reduce costs, in late 2024 we made a number of redundancies, primarily in our
B2B team. This reflects the disapponting number of sales secured from business
customers and their higher cost to serve.
We are continuing to progress a range of potential external funding and strategic
opportunities. We will update you as soon as we can on progress. I hope you
understand the limitations that naturally apply to our communications during live
discussions. "

[John_S]

Latest posting on Republic Europe / ex Seeders

"Octopus CEO on X is alluding to the fact they are taking a look at Ripple through the administrators"

Let's hope this leads to something positive

[Moxi]

It would be comforting to have the octopod at the helm

Moxi

[Joeboy]

It would be comforting to have the octopod at the helm

Moxi

Let's keep an eye out for project offers on the Octopus Collective.

[nowty]

A refreshing change to receive an email directly from the KH Coop Board and without the Ripple logo and liking the next PPA was locked in before this debacle, that timing might have hit the wholesale peak.

I've copied the main points below,



Dear Nowty,

We firstly wanted to let you know that on Friday, with our agreement, the SPV (Kirk Hill Wind Farm Ltd) served notice to Begbies Traynor, the administrator of Ripple Energy Ltd, to terminate the Management Services Agreement (MSA) between the SPV, Coop and Ripple Energy.

As we mentioned previously, the situation that has developed in the past month gave us cause to reassess our position with Ripple and it became clear that we had to take certain steps to ensure that the auditing of the accounts can be completed within the timescales set by Companies House and the FCA.

We have now had confirmation from the FCA that the date we have proposed for resubmission of the coop's accounts (7 May) is acceptable and that they do not need to hear from us further at this point.

Some of you asked about the new PPA contracts due to begin on 1st April. Those agreements were locked in prior to the current situation unfolding. However, having terminated the MSA with Ripple, it may take a little time to set up/procure a new system to pass the income being generated from the wind farm on to members as savings. This is one of the issues we are investigating with other parties at present.

We should know more by the member meeting on Thursday, but it may be that we have to suspend member payments temporarily until a new system is in place. The termination may also mean that members will soon lose access to the Ripple dashboard, so as a precaution, you may wish to download documents such as your customer agreement and any invoices listed for safekeeping as soon as you are able. We have requested that the administrators allow this to continue for the time being and await a response.