Ethex is a not-for-profit social enterprise enabling UK individuals to invest in projects that build fairer, greener communities. We have helped raise over £130 million for UK-based initiatives tackling climate change, social inequality, the breakdown of communities and energy poverty. We support grassroots organisations and businesses, including community energy groups, affordable housing projects, responsible lenders, sustainable transport providers and sustainable farms in the UK, connecting them to UK retail investors and institutions to raise the finance they need to thrive through innovative fundraising tools like community shares and green bonds.
Key 2024–25 achievements included launching a multi-year regional engagement project to boost community energy investment; upgrading our investor platform to improve transparency and investor management; and partnering with local groups to raise record-breaking funds for projects such as for Solar for Schools. We’ve also championed policy changes and created accessible educational materials to inspire more people to invest for good.
Driven by collaboration, expertise, and purpose, the Ethex team is transforming finance into a force for positive change, helping communities take climate action and build resilience where it matters most.
Ethex’s services are designed to support progressive, climate-leading local authorities or those that are actively pursuing net zero goals, delivering just transition strategies, and working to build local economic resilience.
We are particularly well placed to support local authorities that:
- Have declared a climate emergency and are seeking innovative, people-powered funding models to accelerate the delivery of net zero projects, including community energy, retrofit, EV infrastructure, and low-carbon heat.
- Are committed to community wealth building and want to engage local residents as investors and co-owners of local infrastructure and services, ensuring the financial benefits stay within the community.
- Are working in partnership with community energy organisations or local climate partnerships, and are looking for blended finance models that combine local authority funding (e.g., match funding or development capital) with citizen investment to deliver projects at scale.
- Face constraints on public borrowing or budget, but still wish to enable local net zero infrastructure investment through innovative, regulated alternatives like community shares and ethical bonds.
- Operate in areas of high deprivation or fuel poverty, and are seeking inclusive models of investment and ownership that empower local people, create jobs, and reduce energy bills.
Ethex has collaborated with local authorities including West Berkshire, Oxfordshire County Council, Barnsley and Plymouth City Council who were part of organisations on our platform providing grant or match-funding to support citizen-led investment for a wide range of projects. We believe we can scale this model to help many more UK100 members unlock local climate action.
Case Study: How blended finance enabled a local energy transition in Barnsley
Tackling fuel poverty and cutting carbon through impact investing
In Barnsley, a market town in South Yorkshire, rising energy costs and the urgent need to reduce carbon emissions created a dual challenge, one that particularly affected low-income and elderly residents living in council-owned homes. Energise Barnsley, a local community energy Cooperative, worked with Barnsley Metropolitan Borough Council and CO2Sense to develop an inclusive clean energy solution rooted in the needs of the community.
In order to achieve this, they needed a financial model that could align public investment with institutional support. That’s where Ethex came in.
Blending finance for greater impact
At Ethex, we believe that money should be a tool for good, and this project shows what’s possible when different sources of capital work together to drive real positive social and environmental impact.
Energise Barnsley had an ambitious vision to install solar panels and smart battery systems across more than 1,320 council-owned homes and public buildings. Delivering this at scale meant finding a funding model that de-risked early investment while opening the door for wider participation.
CO2Sense, a social enterprise focused on accelerating the just transition, provided early-stage catalytic funding to unlock the project’s potential. This was paired with the launch of two Energise Barnsley Solar Bonds on the Ethex platform, inviting individuals from across the UK to invest directly to support the project from just £50, targeting returns of 4 - 6% over the 5-year term.
The two bond offers raised over £4.5 million, with £200,000 of match funding provided by CO2Sense.
Lisa Ashford, CEO of Ethex, said:
“Energise Barnsley is a perfect example of how blended finance can unlock the power of community energy. By giving individuals the chance to co-invest alongside institutions and local authorities, we’re helping to put financial and literal power in the hands of communities, delivering meaningful social, environmental and economic outcomes.”
Positive outcomes for people and planet
This blended finance approach enabled Energise Barnsley to roll out their rooftop solar project that delivered measurable local benefits:
- Over 11,500 MWh of clean energy generated so far
- 24,196 tonnes of CO2 emissions avoided over the lifetime of the project
- £484,685 in total bill savings for council tenants
- 150 smart batteries installed, enabling a further £300,000 in savings
- £79,000+ in surplus income channelled into local community initiatives
For residents, the impact is real. One tenant reported seeing lower energy bills within weeks, even while cooking Christmas dinner for her family. At a local community centre, solar panels now help power laundry facilities, saving money and supporting services relied on by the community.
A replicable model for local authorities
This project offers a proven model for local councils looking to deliver inclusive climate action. By combining public backing with institutional and individual investment, it demonstrates how our net-zero goals can be met in a way that puts people and communities first.
Paul Castle, Service Director, Environment & Transport, Growth & Sustainability, Barnsley Council, said:
“Barnsley Metropolitan Borough Council is proud to help demonstrate how local authorities can enable community ownership in clean energy, through our partnership with Energise Barnsley.
Combining our leadership with matched funding support from CO2Sense – connecting it to people in South Yorkshire and across the UK with investment through the positive impact platform Ethex – the Energise Barnsley Solar Bond raises show what’s possible when public backing helps unlock community-led climate action.
It’s a practical example of our commitment to a just transition and to achieving net zero through inclusive, place-based solutions.”
Hugh Goulbourne, Director, CO2Sense, said:
“Blended finance is essential to ensuring that local communities are not left behind in the transition to net zero. This project shows how catalytic capital can unlock both private and community investment, while delivering real social and environmental value. CO2Sense is focused on building financial models that channel resources into local economies, support energy resilience and give people greater control over their future.”
Energise Barnsley continues to reinvest surplus income through its Community Energy Fund, supporting further sustainability projects across the region.
Andy Heald, Director, Energise Barnsley said:
“This project proves what’s possible when communities are empowered to lead. It allowed us to deliver at scale, reach those most affected by fuel poverty and ensure the value stays in Barnsley. It’s local energy, with local ownership, for local benefit.”
At Ethex, we’re proud to have helped make this project possible by enabling people-powered finance to deliver real-world results. It’s a compelling example of what can happen when we move money for good—and a reminder that inclusive investment models are essential to a just transition
There is currently no direct cost to local authorities for Ethex support.
Ethex earns its income from platform fees and a percentage of funds raised ('transaction fees') from the investee organisations whose projects we host. Where a local authority co-invests alongside others, this does not incur a separate fee outside the transaction fees. If a local authority wished to establish a managed investment account to invest in multiple projects, we may agree a management fee depending on the nature of that arrangement. In some cases, we could also envisage working on a funded basis (e.g. via a local authority contract or grant) to deliver wider stakeholder engagement or project development.Our role to local authorities is as a funding partner—helping local authorities enable shared and crowd-led ownership models via impact investors, often as part of blended finance approaches that combine institutional, community, and citizen investment to accelerate a just transition.
Paul Castle, Service Director, Environment & Transport, Growth & Sustainability, Barnsley Council, says:
“Barnsley Metropolitan Borough Council is proud to help demonstrate how local authorities can enable community ownership in clean energy, through our partnership with Energise Barnsley.
Combining our leadership with matched funding support from CO2Sense – connecting it to people in South Yorkshire and across the UK with investment through the positive impact platform Ethex – the Energise Barnsley Solar Bond raises show what’s possible when public backing helps unlock community-led climate action.
It’s a practical example of our commitment to a just transition and to achieving net zero through inclusive, place-based solutions.”
Erinch Sahan at Doughnut Economics Action Lab says:
"There are few organisations I respect more than Ethex. They help community-owned & other social + impact enterprises access finance. They are themselves a non-profit, with purpose fully locked-in. And they're savvy and practical. They do the hard work of actually channelling finance where it otherwise wouldn't go, all while fostering a narrative shift in the deep design of business & finance. It's a privilege to help them celebrate 10 years of impact. They are the real deal"
