Innovative Solar Startup Raises Funds for 2,000 Homes Monthly
Sydney-based startup National Renewable Network (NRN) has successfully closed a funding round, raising £4.28 million to support its groundbreaking no-cost solar and battery service. The company, founded in 2021, has revolutionised the renewable energy sector by offering Australian households access to solar and battery systems without the usual hefty upfront cost of around £18,000.
NRN’s unique business model, likened to mobile phone plans, allows customers to have solar and battery systems installed without any initial payment. Instead, customers only pay for the solar power they consume, making renewable energy more accessible and affordable.
Innovative Business Model
NRN acts as a bridge between households, solar retailers, energy firms, and infrastructure investors, creating a dynamic marketplace that facilitates the installation of solar and battery systems for residential customers. This model not only benefits customers by potentially reducing energy costs by up to 20%, but also offers the flexibility for customers to purchase the system at any point.
Impressive Growth and Funding Round
Over the past year, NRN has experienced remarkable growth, with monthly renewable asset sales soaring from £250,000 in January to an impressive £3.5 million in November. Buoyed by this success, the company recently concluded a pre-Series A funding round that was oversubscribed three times.
Initially targeting a capital raise of £2 million, NRN received offers totalling £6.5 million, eventually securing £4.28 million. This funding, sourced from members of the Club Investible syndicate, Electrifi Ventures, Jelix Ventures, and Ecotone Partners, reflects strong confidence in NRN’s mission and disruptive business model.
Future Plans and Expansion
NRN’s successful funding round positions the company well for its upcoming Series A round in 2025. Additionally, the company is working towards securing a £50 million debt facility to further support its rapid growth and expand renewable energy infrastructure to more households.
Alan Hunter, NRN’s founder and CEO, expressed pride in the company’s achievements, stating, “Our goal is to deploy solar and battery systems to 2,000 homes per month over the next eighteen months. With this additional funding, we are focused on building the infrastructure, strengthening partnerships, and streamlining pathways to achieve this ambitious target and continue expanding our market leadership.”
NRN’s innovative approach to renewable energy not only transforms the traditional energy model but also fosters a seamless connection between consumers, solar retailers, energy companies, and investors. The company’s vision of widespread adoption of renewable energy solutions is underpinned by its commitment to eliminating upfront costs and integrating solar and battery systems into energy plans.
As NRN continues to disrupt the marketplace and redefine how households access renewable energy, its recent funding success underscores the growing belief that renewable energy should be accessible to all, regardless of wealth.
