• Solar tech innovator secures pre-seed funding to power its national expansion
• ‘Powering up the rooftop revolution’: cutting-edge model allows developers and local authorities to install solar on homes without ever paying for hardware
• Investors include leading backers of early-stage companies Black Seed VC and SFC Capital

27 January 2025, London: GRYD Energy, a solar tech startup and developer of the UK’s first true solar subscription, today announces it has raised £1 million to fund its national expansion. 

Investors in the pre-seed round include Black Seed VC, an early-stage venture firm dedicated to Black business founders in the UK, and SFC Capital, a leading investor in disruptive UK companies. 

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.

GRYD has developed a UK-first subscription model that allows developers and homeowners to install solar without ever paying for the hardware. The high upfront cost of solar hardware is a fundamental barrier that has prevented millions of households from adopting the technology. It is estimated that 8.5million 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 £10k in hardware costs per home and enabling homeowners to reap the bill-saving benefits of solar from day one.

A GRYD subscription averages about £65 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.  

The strength of the pre-seed round reflects the surge of investment interest in solar and serves as a strong endorsement of GRYD’s capacity to be the first mover at scale in the UK’s residential solar-as-a-service space. 

The business is currently focussed on new homes and will consider expansion to the retrofit market as it continues to scale. 

Other notable investors in the round include Oasthouse Ventures, whose Director Simon Turner has financed and scaled numerous renewable infrastructure businesses globally and has joined GRYD’s board as Investor Director. Richard Thwaites, the founder and CEO of energy storage developer Penso Power (which was recently acquired by BW ESS) has also invested. 

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. 

As ministers debate how to accelerate residential solar uptake to hit its 2030 clean energy pledge, GRYD’s unique model positions the business to address this challenge on a national scale – lowering the cost barrier of solar and unlocking access to affordable clean energy for millions more households. 

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. 

With several projects already commercially committed, GRYD is set to deploy to hundreds of homes nationwide in 2025; positioning themselves to scale their service to 30,000 new-build homes over the next three years.

“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. 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. With the support of such renowned and motivated industry players, we’re confident GRYD Energy can play a vital role in that effort.”

Mohamed Gaafar, CEO and co-founder of GRYD

 “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.”

Karl Lokko, Founder & Managing Partner of Black Seed VC

“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.”

Adam Beveridge, Investment Associate at SFC Capital

About GRYD Energy

GRYD Energy is the British solar energy company setting a new standard for solar in the residential market. The business is on a mission to tackle the energy transition at scale by building the UK’s largest decentralised smart solar network and offering millions more homeowners access to affordable, clean energy.

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. The innovative solution means property developers incur zero solar hardware costs and homeowners start saving on their energy bills from day one.  

Underpinned by intelligent software, GRYD’s smart system exceeds new-build EPC standards and supports property developers to meet the regulatory building requirements of Part L and the upcoming Future Homes Standard. 

The business is partnering 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. 

GRYD launched in 2023 and is backed by well-known investors, including Black Seed VC, SFC Capital, Oasthouse Ventures and Antler. It has a three-home commercial pilot live in South West England, which serves as a testbed for its software, and an energy export deal with renewable energy supplier Good Energy. 

Learn more about GRYD Energy at https://gryd.energy/.