Elvy raises SEK 1.7 billion for simple home energy
Elvy raises SEK 1.7 billion to give more homeowners electricity and heating at a fixed price. No investment of their own, no hassle.
Elvy started in 2023 with a simple idea: you should be able to have electricity and heating at home without making a big investment yourself, without an uncertain variable electricity bill and without the headache. Instead of the homeowner buying solar panels, a heat pump and a battery on their own, Elvy takes care of the whole package. We install the technology in the customer's home, connect it all up and optimise it with our own control system. The customer gets an energy subscription at a fixed price, for up to 15 years. Electricity and heating are included. No down payment.
“this should be so simple that you almost forget we exist. most people don't want to become energy experts, they just want a stable bill.”
The model launched broadly in 2024 and is already in place in hundreds of Swedish homes, from north to south. For many customers it means a lower energy cost, while the price stays fixed over time.
The investors include several well-known names in tech and energy. Giant Ventures has also invested in Swedish companies such as Syre and Flower. Essential Capital has backed the likes of Lyft and Delivery Hero. The list of owners also features names such as Knut Frängsmyr (former deputy CEO at Klarna), Jesper Wigardt (former head of communications at Klarna and Northvolt), Max Junestrand (founder of Legora), Johan Wachtmeister (former deputy CEO at SEB) and Christopher Stålberg (an early Einride figure) through his company X North.
Source: based on an interview and reporting in Di (February 2025) as well as Elvy's own communications.
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Homeowners no longer manage their own power and heat. They decided they had better things to do.
Curious to do the same?