Sunsave Secures £5.4M Funding Round Led by Norrsken to Launch UK’s First Solar Subscription Service

Dear Lion Herald Reader

As energy prices continue to soar, UK-based solar startup Sunsave has secured £5.4 million in seed funding, led by Norrsken, Europe’s leading impact venture capital fund. The round also included participation from angel investors such as Stuart Rose, Michael Spencer, Roland Rudd, and Bill Nussey. This funding propels Sunsave's total raised capital to £9.2 million, positioning it as a formidable player in the renewable energy landscape.

The demand for alternative energy solutions, particularly solar energy, has surged in the UK, fueled by rising energy prices expected to persist until the late 2030s. Despite this demand, only 4% of homes in the UK currently have solar installations, primarily due to the high initial costs of implementation. The average cost of installing a solar energy system exceeds £10,000, making it financially challenging for nearly half of UK households, which have less than £5,000 in savings.

Sunsave's Innovative Approach

Sunsave, founded in 2022 by Alick Dru and Ben Graves, aims to bridge this gap with its revolutionary solar subscription service. The recent £5.4 million funding injection will be utilized to launch the UK’s first solar subscription model, offering an innovative solution to the financial challenges associated with solar energy adoption.

The funding round was spearheaded by Norrsken, known for its impactful investments in Northvolt, Material Evolution, and Granular Energy. Angel investors, including industry heavyweights like Stuart Rose and Michael Spencer, further underscore the industry's confidence in Sunsave's potential. These strategic partnerships not only validate Sunsave's vision but also bring a wealth of experience and expertise to the table.

Sunsave's subscription model addresses the financial barriers hindering widespread solar adoption. With a 20-year guarantee covering ongoing monitoring and maintenance, customers can enjoy hassle-free installation, immediate energy savings, and monthly payments starting from £69, all without any upfront costs. This unique long-term solution is poised to revolutionize the renewable energy market, addressing critical aspects such as financing, installation quality, and aftercare.

Building a Stellar Team for a Sustainable Future

Sunsave's recent additions to its team, including Russell Smith, Alfie Ireland, and Helen Taylour, bring a wealth of experience from companies such as Monzo, Wise, OVO Energy, and Bulb. This infusion of talent from the energy and personal finance sectors positions Sunsave for accelerated growth and innovation.

Alick Dru, co-founder at Sunsave, emphasizes the dual benefits of going green and saving money, crucial in an era of sustained high energy prices. Ben Graves, co-founder, expresses Sunsave's ambition to contribute significantly to the UK's net-zero goals through accessible solar power.

Agate Freimane, Founding General Partner at Norrsken VC, hails Sunsave's offering as a game-changer, removing the biggest barrier to entry for people in the green transition—cost. Industry leader Bill Nussey acknowledges the enormous pent-up demand for rooftop solar in the UK and commends Sunsave's world-class team for unlocking this opportunity.

With the backing of impactful investors, a visionary leadership team, and an innovative subscription model, Sunsave is poised to lead the charge in making solar energy accessible to all UK households. As the world grapples with the urgent need for sustainable solutions, Sunsave's commitment to revolutionizing green finance paves the way for a cleaner and more sustainable future.

Fabrice Iranzi, Editor in Chief / Lion Herald

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