ITM and Straight debut on ‘green’ exchange

Leeds-based Straight, the environmental products group, and Sheffield-based hydrogen technology group ITM Power have been admitted to the Social Stock Exchange (SSE), which is a platform for listed firms who have a strong commitment to “green” issues, and their local community.

Jonathan Straight, the chief executive of Straight, said: “A key factor in our decision to join was that SSE actively encourages investors to make investment decisions best aligned to their environmental and social values.

“This is clearly a platform which corresponds to our own interests and goals. I firmly believe that our business will benefit from the increased exposure to investors seeking social and environmental impacts through the deployment of their funds.”

Dr Graham Cooley, the chief executive of ITM Power, said: “We’re a very environmentally friendly and very ethical company. This is all about identifying companies that have a positive impact on the environment and society.”

The SSE was launched yesterday by Prime Minister David Cameron. It gives investors access to information on publicly listed businesses that are judged to have a strong social and environmental purpose.

The global market for social impact investment is already estimated to be worth $9bn (£5.82bn) and it is expected to grow to between $200bn and $650bn in the next decade.

Yesterday, the first member companies were admitted to the SSE. They are high growth businesses in markets such as social and affordable housing, clean-technology, waste, water, recycling, renewable energy, sustainable transport, health, education and culture.

Apart from Straight and ITM Power, the list includes Places for People, which has offices in Leeds and Sheffield, Ashley House, V22, Scope, ValiRx, Good Energy Group, Primary Health Properties, Halosource and Accsys Technologies.

A further 12 companies are due to be admitted, following the SSE’s three-stage admissions process. The SSE is supported by a number of high profile organisations including London Stock Exchange Group, the City of London Corporation, Big Society Capital and the Rockefeller Foundation.

Pradeep Jethi, co-founder and chief executive of SSE, said: “We believe that organisations that place social and environmental aims at the core of their activities, while operating on robust revenue and growth models, are the ones best equipped to generate the kind of positive impact that creates real change.

“Nobody can guarantee a return on capital – but the SSE can guarantee the social benefit and standards of each and every company they admit.”