众筹模式挺进绿色能源领域

    按照互联网标准，众筹已存在很长一段时间了。利用网络社区进行筹资的理念1997年开始流行起来，当时英国摇滚乐队Marillion的粉丝们筹集了60,000美元，资助该乐队进行了一次美国巡演。此后， Kickstarter这类众筹网站可以为各种各样的事情筹资，从开设博客到服装设计公司，再到拍摄独立影片，几乎无所不包。如今，投资公司也加入到了这个行列。

    就在周一，奥克兰的一家初创公司Mosaic宣布，将面向全美在线筹集资金，为屋顶太阳能系统项目提供资金。在某种意义上，这是第一家众筹绿色投资公司。联合创始人比利•帕瑞诗称：“我们正在打造一个全新的平台，让普通人可以从清洁能源革命中获益。”比利先前曾创立让年轻人参与清洁能源和气候解决方案的非营利组织能源行动联盟（Energy Action Coalition）。

    Mosaic承诺每位投资者获得投资回报，通常情况下，5年回报率为4%至6%。迄今为止，Mosaic已从400名个人投资者手中筹集了110万美元，用于12个项目的太阳能系统安装。其中包括一个4万美元系统，安装在一家奥克兰非营利组织青年就业伙伴（Youth Employment Partnership）的建筑物上。Mosaic抽取筹集资金的1%作为管理费，投资者获得固定回报。

    除了通过网络筹集的资金，这家成立两年的公司已从旧金山风投Spring Venture的苏尼尔•保罗和其他投资者处获得了340万美元的资金。2012年6月，Mosaic还从美国能源部（Department of Energy）获得了200万美元的拨款。现在，这家公司希望扩展规模。但有一个问题：美国证券交易委员会（Securities and Exchange Commission，简称SEC）。Mosaic向认识的个人和团体募集少量资金是一码事，通过互联网向公众兜售数亿股权则是另一码事。

    为了帮助企业创造就业，美国国会在《创业企业融资法案》（JOBS ACT）中专门对“云融资网站”做出规定。2012年4月，美国总统奥巴马签署了《创业企业融资法案》，并要求SEC在最后期限前制定出相关条例和指引，以保护那些希望投资Mosaic这类在线融资项目的投资者。然而，到目前为止，SEC尚未发布相关条例。

    而Mosaic已利用美国各州的证券法规，绕过了SEC。现在，该公司可以将投资卖给加州和纽约州的任何人。在其他州，投资者须“拥有良好资质”，意味着投资者必须拥有高资产净值和收入要求。（除个人房产外，资产净值超过100万美元，而且年收入超过20万美元。）如果SEC最终批准云融资门户网站，像Mosaic这样的投资公司将无需在每个州分别注册就能够获准在全美筹集资金。

    如果云融资能够获得批准，它最终可能颠覆至今一直为大银行所掌控的融资模式。“我们喜欢分散投资，”帕瑞诗说。“个人可以直接投资清洁能源项目，并获得好的回报。”因此，将来投资者不用再把钱投资股市，可以投资像Mosaic这样的公司。而且，帮助这个世界变得更清洁还能让人自我感觉良好。

    By Internet standards, crowdfunding has been around forever. The idea to tap into online communities to raise money first became popular in 1997, when fans of the British rock groupMarillion raised $60,000 to fund a U.S. tour for the band. Since then crowdfunding sites such as Kickstarterhave been used to raise money for everything from blogs to clothing design companies and independent films. Now investment firms are getting into the act.

    Today Mosaic, an Oakland startup, announced that it is going national in its effort to raise money from online investors to fund rooftop solar systems. It is, in a sense, the first crowdfunded green investment firm. Says Co-founder Billy Parish, who previously had launched the Energy Action Coalition, a non-profit that gets youth involved in clean energy and climate solutions, "We're creating a new platform where people can profit from the clean energy revolution."

    Each investor in Mosaic is promised a return on his or her investment, typically around 4% to 6% a year over 5 years. So far Mosaic has raised $1.1 million from 400 individuals to fund the installation of solar systems on twelve projects including a $40,000 system on a building housing an Oakland non-profit called the Youth Employment Partnership. Mosaic keeps a fee of 1% of the money raised, and its investors get a fixed return.

    The two year-old company, which in addition to the money it has raised online, has received $3.4 million in seed money from San Francisco-based venture capitalist Sunil Paul of Spring Venture as well as others. Mosaic also got a $2 million Department of Energy grant in June 2012. Now it wants to scale. But there's a problem: the Securities and Exchange Commission. It's one thing to solicit small amounts of money from individuals and groups Mosaic knew. It's another to start peddling hundreds of millions in equity to the general public over the Internet.

    Wanting to help entrepreneurs create jobs, Congress as part of the JOBS ACT created a provision for "cloud funding portals." President Obama signed it into law in April of 2012 and gave the SEC a deadline to create rules and guidelines to protect investors who want to invest in online outfits like Mosaic. The SEC has yet to issue their regulations.

    In the meantime Mosaic has done an end run around the SEC by working with state securities laws. It can now offer its investment to anyone in California or New York. In the other states, investors have to be "accredited" which means hefty net worth and income requirements. (A net worth of over $1 million excluding one's house and an annual income of over $200,000.) If the SEC eventually approves cloud funding portals, investment companies like Mosaic could go national without registering in each state.

    If cloud funding gets the green light, it could eventually disrupt a financing model that so far has been the purview of big banks. "We like decentralized investing, says Parish, "Individuals can directly invest in clean energy projects and get a great return." So instead of putting money in the stock market, you'll be able to invest in companies like Mosaic and maybe even feel good about making the world a bit cleaner.