Energy is central to the UK’s climate crisis strategy. Decarbonising power generation through renewables like wind, solar, and nuclear is pivotal, as is improving energy efficiency in homes and industries. Transitioning to green hydrogen and electrification of transport and heating are crucial. While the solar industry in the UK is dominated by players such as Sunsave and Volter, another homegrown player GRYD also hopes to provide clean energy to millions of households in the region and now has secured £1 million in pre-seed funding. The round saw contributions from 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 such as Recfindr and TRUSS. 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.
UK’s first solar subscription platform
The solar tech startup developing the UK’s first true solar subscription will use the investment to fund its national expansion. 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 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.
Zero-cost solar dream born at Antler
GRYD was founded by Mohamed Gaafar, Scott Whiteside, and Tom Jordan in 2023 in London. They met at the Antler accelerator program, where they developed the idea for a company focused on providing zero-cost residential solar systems, inspired by rising energy costs in the UK. They visualised the idea of creating a model where homeowners could access solar power without upfront costs through a subscription model, with the initial concept forming during the June 2023 cohort of the accelerator program.TFN met Mohamed Gaafar, co-founder and CEO of GRYD Energy, last year, here’s the full interview below:
Smart solar subscription for energy generation and storage
GRYD 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 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.Its 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 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. 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.
Affordable solution for residences
It is estimated that 8.5 million UK homeowners have roofs well suited to solar but can’t afford the upfront expense. 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. This is touted to save developers up to £10k in hardware costs per home and enabling homeowners to reap the bill-saving benefits of solar from day one.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. 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.”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.”
