UK-based solar tech startup GRYD has secured $1.2 million (£1 million) in pre-seed funding to build the nation’s first solar subscription platform.
Black Seed VC, an early-stage venture firm dedicated to Black business founders in the UK, and SFC Capital, an investor in disruptive UK companies, participated in the round. Other notable investors include Oasthouse Ventures, whose Director, Simon Turner, has financed and scaled renewable infrastructure businesses globally. The solar tech startup will use the investment to fund its national expansion.
GRYD’s Affordable Solution For Residences
Mohamed Gaafar, Scott Whiteside, and Tom Jordan founded GRYD in 2023 after meeting at the Antler accelerator program in London. They envisioned creating a subscription-based solar power service, allowing homeowners to access solar power without upfront costs.
The solar tech startup has developed a UK-first subscription model that allows developers and homeowners to install solar without ever paying for the hardware. Setting a new standard for solar in the residential market, the company aims to tackle the energy transition at scale by building the UK’s largest decentralised innovative solar network and offering millions more homeowners access to affordable, clean energy.
An estimated 8.5 million UK homeowners have roofs well suited to solar but can’t afford the upfront expense. A GRYD subscription averages about £65 ($80) per month for a four-bed home. The monthly cost is fixed and includes maintenance and insurance for the 25-year life of the system. This is touted to save developers up to £10K ($12,000) in hardware costs per home and enable homeowners to reap the bill-saving benefits of solar from day one.
Its Smart Solar Subscription flips the traditional ownership model funds and manages the solar hardware, removing the burden users face in high upfront costs and maintenance. Furthermore, the solution means property developers incur zero solar hardware costs, and homeowners save on their energy bills from day one.
Supported by intelligent software, GRYD’s innovative system exceeds new-build EPC standards and helps property developers meet regulatory building requirements. The business partners with progressive developers and local authorities across the UK and is set to scale its service to 30,000 new-build homes over the next three years.
What GRYD’s New Investment Will Do
Mohamed Gaafar, CEO and co-founder of GRYD, said: “The strength of our pre-seed round is a welcome start to the next phase of GRYD Energy’s journey as we prepare to scale our solar technology and service nationwide. We’re fortunate to have the backing of fantastic investors like Black Seed and SFC, who share our sense of urgency to accelerate the UK’s clean energy transition and ensure no one is left behind.”
Consequently, the new funds will enable GRYD to accelerate the deployment of its zero-cost solar and battery systems through partnerships with housing developers, registered providers and local authorities nationwide.
The startup plans to use the new funds to invest in a series of key hires, secure further energy import and export partnerships, and expand GRYD’s service to include flexibility services such as increasing customer savings by charging and discharging stored energy based on dynamic price signals to support capacity in the grid.
