Yellow Door Energy has emerged as one of the most prominent solar and energy services companies in the Middle East, providing tailored energy solutions to commercial and industrial businesses. Founded in 2015 by Jeremy Crane and a team of energy veterans, the company has raised over $100 million in equity and debt financing, built a portfolio of more than 200 megawatts of solar capacity, and saved clients millions in electricity costs. In this interview, Jeremy shares the story behind Yellow Door Energy, the challenges of building a cleantech startup in the UAE, and advice for founders navigating the region's venture capital landscape.
Early Days: From Concept to Company
Interviewer: Jeremy, thank you for joining us. Can you start by telling us how Yellow Door Energy came to be?
Jeremy Crane: Thank you for having me. The idea for Yellow Door Energy was born out of a simple observation: businesses in the Middle East pay some of the lowest electricity tariffs in the world, but those tariffs are heavily subsidized. We saw that as subsidies were being reduced and as solar costs were plummeting, there was a massive opportunity to help businesses save money by switching to solar. We also realized that many companies wanted to go green but didn't have the capital or expertise to do it themselves. So we created a model where we finance, build, own, and operate solar plants on our clients' rooftops, selling them the electricity at a discount to their utility tariff. It's a win-win: they save money, reduce their carbon footprint, and we get a long-term revenue stream.
We started with a small team of four people working out of a co-working space in Dubai. Our first project was a 50-kilowatt rooftop installation for a local manufacturing company. It wasn't glamorous, but it proved our concept. From there, we gradually built a pipeline of projects, raised seed funding from family offices, and eventually attracted institutional investors like the International Finance Corporation (IFC) and venture capital firms.
Funding Journey: From Seed to Series B
Interviewer: Let's talk about fundraising. How did you navigate the venture capital landscape in the UAE?
Jeremy Crane: Fundraising for a capital-intensive business like ours is challenging. We're not a software company with low upfront costs; we need significant capital to build solar plants. So we had to look beyond traditional VC and also tap into project finance, green bonds, and development finance institutions.
Our seed round in 2016 was about $2 million from a family office in Abu Dhabi. That allowed us to build our first few projects and prove the business model. Then in 2017, we raised a $15 million Series A led by the IFC, which was a game-changer. It gave us credibility and access to a network of investors. In 2020, we closed a $65 million Series B round, which included a mix of equity from regional VCs and debt from commercial banks. The key was to show a clear path to profitability and a strong project pipeline.
One piece of advice for founders: don't underestimate the importance of relationships. In the UAE, it's very much about who you know. We spent a lot of time attending events, meeting investors, and building trust. The pitch process is rigorous, but if you have a solid business and a good network, you can get funded.
Regulatory and Operational Challenges
Interviewer: What were some of the biggest regulatory hurdles you faced?
Jeremy Crane: The regulatory environment for solar in the UAE has evolved significantly since we started. Initially, there was no clear framework for connecting solar plants to the grid. We had to work closely with the Dubai Electricity and Water Authority (DEWA) and other utilities to develop the rules. For example, the net metering policy in Dubai was introduced in 2012 but had limited capacity. We advocated for higher caps and simpler procedures.
Another challenge was the lack of standardized power purchase agreements (PPAs). Each client wanted different terms, which made it hard to scale. We had to invest in legal expertise to create templates that were bankable and fair. Over time, DEWA and other regulators have become more supportive, and today, the UAE has one of the most progressive solar policies in the region.
For founders entering the cleantech space, I recommend reading our regulatory guide – though it's for fintech, many principles apply, like understanding licensing requirements and engaging early with regulators.
Building a Team and Company Culture
Interviewer: Yellow Door Energy now has over 100 employees. How did you build the team and culture?
Jeremy Crane: Culture was a priority from day one. We wanted a company that was entrepreneurial, collaborative, and focused on impact. We hired people who were passionate about sustainability and had experience in energy, finance, or engineering. We also invested heavily in training and development.
One thing that helped was being part of the in5 innovation centre in Dubai early on. That gave us access to a community of startups, mentors, and potential hires. As we grew, we moved to our own office in Dubai Internet City, but we kept the same startup ethos.
We also implemented an employee stock ownership plan (ESOP) to align everyone's interests. When we raised our Series B, we made sure that early employees could participate. That created a sense of ownership and loyalty.
Scaling and Impact
Interviewer: Can you share some milestones and the impact you've had?
Jeremy Crane: Sure. As of 2024, we have built over 200 megawatts of solar capacity across more than 150 projects in the UAE, Saudi Arabia, and Bahrain. Our clients include major names like Majid Al Futtaim, Al Ghurair, and Unilever. We've saved our clients over $50 million in electricity costs collectively and reduced CO2 emissions by over 150,000 tons annually.
We also launched an energy efficiency division that helps clients reduce their consumption through LED lighting, HVAC upgrades, and smart controls. That has been a natural extension of our business.
One project I'm particularly proud of is the solar installation at the Hub71 community in Abu Dhabi. It's a 1-megawatt rooftop system that powers the entire co-working space, making it one of the most sustainable startup hubs in the region.
Advice for Cleantech Founders
Interviewer: What advice would you give to founders starting a cleantech company in the UAE today?
Jeremy Crane: First, understand your customer. In our case, we focused on commercial and industrial clients because they have high energy consumption and long-term leases. We didn't go after residential because the unit economics didn't work.
Second, be patient with regulation. It takes time to change policies, but if you engage constructively, you can shape the environment. Join industry associations like the Emirates Solar Industry Association (ESIA) to amplify your voice.
Third, think about your exit strategy early. We've had interest from strategic buyers and infrastructure funds. The M&A market in UAE tech is growing, and cleantech is a hot sector. But you need to build a business that is scalable and has recurring revenue.
Finally, don't underestimate the importance of visa options for your team. The UAE has made it easier for founders and employees to get long-term visas, which helps retain talent.
Looking Ahead
Interviewer: What's next for Yellow Door Energy?
Jeremy Crane: We are expanding into new markets like Oman and Kuwait, and we're also exploring battery storage and electric vehicle charging infrastructure. The energy transition is accelerating, and we want to be at the forefront. We're also considering an IPO in the next few years, but that depends on market conditions.
Our mission remains the same: to make clean energy accessible and affordable for businesses in the Middle East. We've come a long way since that first 50-kilowatt project, but there's still a lot to do.