London-based photo voltaic tech startup GRYD Power has secured £1 million in pre-seed funding to scale its subscription-based photo voltaic and battery programs throughout the UK.
Traders within the spherical embrace Black Seed VC, an early-stage fund devoted to Black founders, and SFC Capital, a number one early-stage investor in disruptive British companies.
GRYD’s groundbreaking “solar-as-a-service” method removes the normal value barrier to putting in photo voltaic panels by protecting all {hardware} and upkeep prices for the 25-year lifespan of the system. It means builders save as much as £10,000 in upfront expenditure per residence, whereas householders merely pay a median month-to-month payment of round £65 for a four-bed property — a hard and fast value that features complete upkeep and insurance coverage.
The subscription additionally unlocks quick invoice financial savings for customers, serving to extra households undertake clear power know-how. GRYD estimates 8.5 million UK properties have rooftops appropriate for photo voltaic however can not afford the preliminary outlay.
The brand new funds will allow GRYD to increase partnerships with housing builders, registered suppliers, and native authorities throughout the nation. The startup may even put money into gross sales, advertising and marketing, and extra key hires, plus discover AI enhancements for its software program. Different notable backers embrace Oasthouse Ventures, led by Director Simon Turner (now becoming a member of GRYD’s board), and power storage entrepreneur Richard Thwaites, founding father of Penso Energy.
Commenting on the business potential, GRYD co-founder and CEO Mohamed Gaafar mentioned: “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. With around 250,000 new homes built each year, the untapped solar potential of our residential rooftops is immense, and the need to futureproof Britain’s housing stock has never been more pressing.”
As ministers debate options to spice up residential photo voltaic uptake consistent with the UK’s 2030 clear power pledge, GRYD’s mannequin provides a cheap, scalable blueprint for zero-carbon housing. The startup has already accomplished a three-home pilot mission in Cornwall and signed an power export take care of Good Power, which is able to generate a further income stream. The corporate goals to deploy its subscription service to lots of of properties in 2025 and is focusing on 30,000 new-build properties over the subsequent three years.
Black Seed VC Founder & Managing Associate Karl Lokko praised GRYD’s long-term imaginative and prescient, stating: “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, Funding Affiliate at SFC Capital, added: “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, and we look forward to supporting them in accelerating the much-needed energy transition.”
