Solar tech startup GRYD Energy has raised 拢1m in a pre-seed round to fund its national expansion.
The London-based company will use the funding to accelerate the deployment of its zero-cost solar and battery systems nationwide.
The firm has developed the UK鈥檚 鈥榝irst true solar subscription鈥� – allowing developers and homeowners to install solar without having to pay for the hardware.
This removes the barrier of the upfront cost of solar hardware which is estimated to have prevented 8.5m UK homeowners from adopting the technology.
Investors in the pre-seed round include Black Seed VC and SFC Capital.
鈥淭he strength of our pre-seed round is a welcome start to the next phase of GRYD Energy鈥檚 journey as we prepare to scale our solar technology and service nationwide,鈥� said Mohamed Gaafar, CEO and co-founder of GRYD.
鈥�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鈥檚 new housing stock is futureproofed and primed for a clean, energy efficient future.鈥�
GRYD says its model is addressing the challenge of accelerating residential solar uptake to hit its 2030 clean energy pledge.
The business funds and maintains a home鈥檚 solar hardware for the 25-year life of the system, claiming to save developers up to 拢10k in hardware costs per home.
A subscription averages about 拢65 per month for a four-bed home.聽聽
The business is currently focused on new homes and will consider expansion to the retrofit market as it continues to scale.聽
GRYD also plans to use the new funds to invest more key hires, secure further energy import and export partnerships, and expand its service to include flexibility services.
The business has already launched a successful three-home pilot project in Cornwall, which is serving as a testbed for its software.
Karl Lokko, founder & managing partner at Black Seed VC, added: 鈥淲e鈥檙e excited to join the GRYD Energy team on their mission to transform how we power our homes and communities.聽
鈥淭heir vision for clean, accessible energy is matched by the experience, grit, and enthusiasm that鈥檚 impossible to ignore. We鈥檙e proud to stand alongside them as they turn ambition into impact.鈥�
GRYD is positioning itself to scale its service to 30,000 new-build homes over the next three years.