GRYD Energy, a solar tech startup and developer of the UK’s “first true solar subscription“, today announces it has raised €1.1 million to expand its team and GRYD’s service to include flexibility services.
Investors in the pre-seed round include Black Seed VC, SFC Capital, Oasthouse Ventures, and Richard Thwaites; the Founder and CEO of energy storage developer Penso Power.
Oasthouse Ventures’ Director Simon Turner is also joining GRYD’s board as Investor Director.
The new funds will enable the business to accelerate deployment of its zero-cost solar and battery systems through partnerships with housing developers, registered providers and local authorities nationwide.
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.
Founded in 2023 by Mohamed Gaafar, Scott Whiteside, and Tom Jordan, GRYD has developed a “UK-first subscription model” that allows developers and homeowners to install solar without ever paying for the hardware. GRYD’s Smart Solar Subscription™ flips the traditional ownership model, and instead funds and manages the solar hardware, removing the burden many face of high upfront costs and maintenance. This means property developers incur zero solar hardware costs and homeowners start saving on their energy bills from day one.
The business is currently partnering with 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.
The high upfront cost of solar hardware is a fundamental barrier that has prevented millions of households from adopting the technology. According to GRYD, it is estimated that 8.5 million UK homeowners have roofs well suited to solar but can’t afford the upfront expense.
GRYD funds and maintains a home’s solar hardware for the 25-year life of the system, saving developers up to €11k in hardware costs per home and enabling homeowners to reap the bill-saving benefits of solar from day one.
A GRYD subscription averages about €77 per month for a four-bed home. The monthly price is fixed and includes maintenance and insurance for the 25-year life of the system.
GRYD 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 – increasing customer savings by charging and discharging stored energy based on dynamic price signals to support capacity in the grid.
“With around 250,000 new homes being built in the UK each year, the untapped solar potential of our residential rooftops is immense and only continues to grow – as does the pressing need to ensure that Britain’s new housing stock is futureproofed and primed for a clean, energy efficient future,” added Gaafar. “With the support of such renowned and motivated industry players, we’re confident GRYD Energy can play a vital role in that effort.”
The business has already launched a successful three-home pilot project in Cornwall, which is serving as a testbed for its software, and has signed an energy export deal with renewable energy supplier Good Energy, securing an important revenue stream for the business.
Karl Lokko, Founder & Managing Partner of Black Seed VC said: “We’re excited to join the GRYD Energy team on their mission to transform how we power our homes and communities. Their vision for clean, accessible energy is matched by the experience, grit, and enthusiasm that’s impossible to ignore. We’re proud to stand alongside them as they turn ambition into impact.”
Adam Beveridge, Investment Associate at SFC Capital, said: “We’re excited to back GRYD Energy as they develop a smart solar system to empower homeowners to generate and share energy. The team won us over with their exceptional experience and passion. We’re excited to join them on this journey to accelerate the much-needed energy transition.”
Read the orginal article: https://www.eu-startups.com/2025/01/solar-on-a-budget-gryd-energy-secures-e1-1-million-for-its-subscription-model/
