Elvy raises SEK 1.7 billion to make home energy simple for homeowners

Elvy was founded in 2023 with a simple idea: you should be able to get heat and electricity at home without making a big upfront investment, without volatile energy bills, and without the hassle.

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Instead of asking homeowners to buy solar panels, a heat pump, and a battery themselves, Elvy takes care of the entire package. We install the technology in the home, connect everything, and optimize it with our own control system. The customer gets a fixed-price energy subscription for up to 15 years. Heating and electricity are included. No upfront payment.

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“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,” says Johan Outinen, CEO and co-founder.

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The model rolled out broadly in 2024 and is already in place in hundreds of Swedish houses across the country, from north to south. For many customers, that means we reduce their total energy cost by roughly 10–20 percent – while keeping the price fixed over time.

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The investor base includes several well-known names in energy and tech. Giant Ventures has also backed Swedish companies such as Syre and Flower. Essential Capital has invested in companies like Lyft and Delivery Hero. Other shareholders include Knut Frängsmyr (former Deputy CEO of Klarna), Jesper Wigardt (former Head of Communications at Klarna and Northvolt), Max Junestrand (founder of Legora), Johan Wachtmeister (former Deputy CEO of SEB), and Christopher Stålberg (early Einride) via his company X North.

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Source: based on an interview and reporting in Di (February 2025) as well as Elvy’s own communication.

‍https://www.di.se/digital/ger-villaagare-fast-energipris-i-15-ar-far-in-1-7-miljarder/

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