What does the company do?
This investment was issued by Iduna Electric Vehicle Charging Infrastructure plc which is part of the wider Iduna Group.
The Iduna group of companies was set up with the aim of accelerating the delivery of more efficient and suitable electric vehicle charging infrastructure using the latest charging technology, data analytics and experienced supply chain partners. The group is based in Greater Manchester, a major northern region with a vision to lead the electrification of the UK’s transport sector.
Iduna delivers and manages chargers on behalf of Transport for Greater Manchester and associated public bodies in the region under the established charger brand “Be.EV” which is an open network (ie. available for anyone to use) of open access chargers with an optional membership scheme. Iduna focuses on the locations of chargers to make it convenient for people to charge their cars at work, while they shop, or when visiting family and friends.
The group principally earns money from selling electricity to car users who plug in and use the group’s charging network, as well as revenue from advertising situated at the charging sites.
Why did the company raise money?
This was the Iduna group’s first investment through Abundance. The money raised in this investment offer funded the purchase and installation of 38 chargers across the Greater Manchester region and part funded the companies working capital during early operation.
How does the company expect to repay the investment?
Iduna expects to repay the investment at maturity by raising additional funds. The ability of the group to raise new investment will be determined by the financial health of the group and the growth and stability of the electric vehicle market it operates in. Following the extension restructuring in July 2026, the company also plans to repay some of the investment in instalments, where available cashflow allows.
How is the company making an impact?
Iduna’s vision is to lead the electrification of the UK’s transport sector by developing and installing public EV charging infrastructure to decarbonise road traffic and help deliver Transport for Greater Manchester’s plans to transform their transport system to support their goal to become a carbon neutral region.
Extension restructuring - June 2026
The Iduna Debenture 1 investment was originally due to mature on 30 June 2026, with the capital due for repayment alongside the rolled up interest and final 6-monthly interest payment. However the company was not able to secure a refinancing to enable this and, as a result, did not have the money available to repay the investment. Iduna therefore asked investors to vote on a proposal to extend the terms of the investment - the proposal was accepted by the required threshold of debenture holders.
The restructuring made the following changes:
- Extend the maturity date of the investment until 30 June 2031.
- Reduce the ongoing interest rate from 9% to 5%.
- The company paid the 6-monthly interest payment that was due on 30 June 2026, but not the rolled up interest amount. The rolled up interest is now due to be paid on 30 June 2031 (alongside capital repayment) and will continue to earn interest at 5%.
- The Iduna Group has supported the ongoing sustainability of the portfolio by adding the revenue from some additional chargers, as well as a further cash injection.
- The company has the option to repay the investment earlier than the extended maturity date, either in full or in instalments. The company is aiming to use surplus generated by the portfolio of EV chargers to make partial capital repayments where it is able to do so.
Key terms
Interest is paid over the life of the investment, with the capital repaid at the maturity date.
Interest periods are 6 months. For the first two interest periods, covering 31 December 2021 and 30 June 2022, no interest is paid out and the interest is instead rolled up and due to be paid at the maturity date. In the next two interest periods, covering 31 December 2022 and 30 June 2023, half of the interest will be paid out with the other half being rolled up and paid at maturity. From the fourth interest period onwards, 100% of the interest will be paid out in each 6 month period.
The unpaid rolled up interest will continue to earn interest at the same rate until it is paid at the maturity date.
Following the extension restructuring in June 2026, the company has the option to make an early repayment in full or in instalments.
This investment has first ranking security over all of the assets of Iduna Electric Vehicle Charging Infrastructure plc under a package of security documents including:
- security agreements by way of fixed and floating charge over all of the assets of Iduna Electric Vehicle Charging Infrastructure plc;
- a share security granted by the parent company over all the issued share capital of Iduna Electric Vehicle Charging Infrastructure plc;
- direct agreements which provide the Security Trustee with certain rights such as being notified of a termination event or, in some cases, stepping into the company'ss shoes upon a termination event under certain project contracts.
The company has the option to make an early repayment in full or in instalments.
See the Debenture Deed for details of all circumstances in which the option for early repayment may be exercised.Documents
Payment schedule
This table gives a breakdown of what is due to be paid back on this investment, based on an example investment of £1,000.
| Payment date | Capital repayment | Interest | Total |
|---|---|---|---|
| 30 December 2022 | £0.00 | £24.77 | £24.77 |
| 30 June 2023 | £0.00 | £24.92 | £24.92 |
| 29 December 2023 | £0.00 | £51.79 | £51.79 |
| 28 June 2024 | £0.00 | £51.23 | £51.23 |
| 31 December 2024 | £0.00 | £51.79 | £51.79 |
| 30 June 2025 | £0.00 | £50.95 | £50.95 |
| 31 December 2025 | £0.00 | £51.79 | £51.79 |
| 22 July 2026 | £0.00 | £50.95 | £50.95 |
| 31 December 2026 | £0.00 | £28.77 | £28.77 |
| 30 June 2027 | £0.00 | £28.30 | £28.30 |
| 31 December 2027 | £0.00 | £28.77 | £28.77 |
| 30 June 2028 | £0.00 | £28.38 | £28.38 |
| 31 December 2028 | £0.00 | £28.69 | £28.69 |
| 30 June 2029 | £0.00 | £28.30 | £28.30 |
| 31 December 2029 | £0.00 | £28.77 | £28.77 |
| 30 June 2030 | £0.00 | £28.30 | £28.30 |
| 31 December 2030 | £0.00 | £28.77 | £28.77 |
| 30 June 2031 | £1,000.00 | £170.01 | £1,170.01 |
| Total | £1,000.00 | £785.25 | £1,785.25 |