Sydney-based startup MetroElectro says it has found a smart way to offer solar power through a “solar-as-a-service” model. The company has now raised AU$5 million in combined debt and equity to grow its solution.
The funding includes a $4 million debt facility from Ecotone Partners’ The Planet Fund and a $1 million equity investment from Singapore-based Wavemaker Impact.
Wavemaker Impact is a VC firm focused on decarbonisation and is already familiar with the startup — it previously invested $1 million in MetroElectro’s pre-seed round in early 2024.
Founded in 2024, MetroElectro follows a straightforward model: it designs, funds, installs, and maintains rooftop solar panels and battery systems for commercial buildings, all with no upfront cost for either the landlord or the tenant.
MetroElectro’s model removes the main barrier to adopting solar. The company earns money by selling the cheaper, solar-generated electricity directly to tenants, with contract terms matched to their lease agreements. Any extra power is sold back to the grid.
For tenants, this means lower energy bills right away and a reduced carbon footprint. For landlords, it provides a building upgrade with no upfront cost and full maintenance included.
“Many climate solutions that are available have been slow to be adopted; not because the technology doesn’t work, but because of a lack of business incentive,” said Amanda Goodman, Partner at The Planet Fund. “These solutions scale when a novel business model comes along, which releases these pools of value. MetroElectro’s business model makes it a no-brainer for businesses with large commercial or industrial facilities to install rooftop solar and battery storage. Our investment in MetroElectro aligns strongly with the Planet Fund’s objective of scaling proven technology to help businesses save money and reduce emissions.”
The Planet Fund, which recently closed a $25 million fund, invests in practical, ready-to-use solutions that can reduce carbon emissions right now. MetroElectro was founded by Lloyd Heinrich, an engineer and strategist who previously held leadership roles at BCG, Coles, and Redbubble, where he helped during its ASX listing.
Heinrich came up with the idea while running The Wine Collective. He noticed that many industrial buildings had large, sunny roofs, while their managers were looking for ways to cut energy costs. This revealed a big opportunity for rooftop solar.
The potential market is huge. MetroElectro says that if commercial and industrial roofs used solar at the same rate as homes (30%), they could supply more than 25% of Australia’s total electricity demand. The company already has over 50 upcoming projects, adding up to 20MW of solar and 20MWh of battery capacity. Early customers include Aramex, Linde Materials Handling, and Bucher Municipal.
Adam Greer, Operations Director at Aramex, confirmed the model’s appeal: “To improve our commitment to ESG, we were looking for a solar rooftop solution for our depots. MetroElectro gave us a solution that is cost effective and which didn’t require upfront capital.”
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