New Ethex IFISA to support space exploration
A new Innovative Finance ISA (IFISA) product from Ethex will allow retail investors to invest in the future of space exploration.
The recently-launched Aero Space Kinross IFISA-eligible bond is targeting five per cent per annum over a seven-year term. The minimum investment is £1,000.
The invested funds will be used to complete the construction of a new discovery centre in Kinross on the site of a former MOD/NATO satellite communications station. It will be converted into an educational hub aimed at attracting 50,000 visitors per year.
Read more: P2P platforms reaffirm commitment to retail investors
The project is being run by co-operative community benefit society ASSET.
Chairman of ASSET, Alisdair Stewart, said that the launch of Ethex’s new IFISA-eligible bond is “a significant step in our journey to making our overall strategy to create the Aero Space Kinross science and space centre in the area, a reality.”
“We see the educational link as a vitally important one and encourage young people in the area to study with a STEM career in mind,” Stewart added.
Read more: FCA asks regulated firms for feedback
“We would like to invite people to support our vision for the creation of a visitor attraction themed on flight and space exploration. We have now been awarded £1.6m of government economic funding and the proceeds of this bond offer will supplement the government funding to facilitate the acquisition of a site for the creation of the venue.
“Crucially, creation of the venue will enable us to considerably expand our activities in the sphere of play-based informal STEM education to inspire young people to become scientists, technologists, engineers and mathematicians of the future.”
Read more: Crosswell publishes final open banking implementation report