- Elvy has raised €5.9M, led by Daft Capital and Essential Capital
- The Stockholm-based startup offers a subscription model for home energy, covering solar panels, batteries, and heat pumps, with no upfront costs.
- Knut Frängsmyr, a former Klarna executive, will step in as Chairman of the Board.
The Swedish cleantech startup, which offers home energy as easy as a monthly subscription, has raised €5.9M, led by Daft Capital and Essential Capital, with participation from Mathias Kamprad, a Swedish entrepreneur and investor.
The company is also backed by a much larger credit facility of €480 million, which will help finance its long-term expansion.
Alongside the funding, Knut Frängsmyr, a former Klarna executive, will step in as Chairman of the Board.
Founded in 2023 by Johan Outinen and David Wedar, Elvy is building what it calls a subscription model for household energy.
Instead of paying high upfront costs for solar panels, batteries, or heat pumps, homeowners can simply pay a monthly fee. Elvy installs the systems, owns the hardware, and handles everything for the full contract period.
In simple terms, the company wants to remove the stress that comes with managing energy at home.
According to the company, its model grew tenfold in 2025. In just over a year and a half, the company has already built up 23 MW of energy capacity across Sweden through its distributed network.
“Sweden is facing an electricity crisis, and new nuclear plants are over a decade away. Elvy has already built the technology needed for a stable Swedish energy system and low electricity costs for households. Together with our partners, we are ready to invest over €1 billion and secure 600 MW within three years,” says CEO Johan Outinen.
At present, Elvy operates in a home energy market, where it competes with players such as Otovo and 1KOMMA5°, which offer solar and energy solutions to homeowners across Europe.
“Elvy has solved what the energy industry has been talking about for years: how do we make households an active part of the energy system? In a time where the energy market is more important than ever, I see few companies with such global potential,” says Knut Frängsmyr.
Looking ahead, Elvy plans to scale aggressively. The company says it is ready to invest over €900K with partners and aims to build up to 600 MW of capacity within the next three years.
Disclaimer: TFN contacted Elvy for a comment. The above text is translated from Swedish.
