Press release -
Energy company secures SEK 70M – Klarna veteran steps in as chair
Tech company Elvy, the company behind the world's first subscription service for household energy, has closed a new funding round of SEK 70 million. The round is led by Daft Capital and Essential Capital, with participation from Mathias Kamprad among others. In parallel, Knut Frängsmyr joins as chair of the board.
STOCKHOLM, MAY 11, 2026 - According to the company's co-founder and CEO Johan Outinen, the capital will be used to accelerate growth and establish the energy subscription as the market standard for homeowners. The company already has a SEK 5.5 billion credit facility in place to finance its growth.
“our solution is different from the market standard — it's simple. when you have an energy subscription from Elvy, you don't have to worry about whether the wind has died down in Germany when you want to cook or do the laundry. with the funding in place, we now have the resources to bring our service to every home in Sweden.”
Alongside the funding round, Knut Frängsmyr joins as chair of the board. Frängsmyr, previously in leading positions at Klarna and Epidemic Sound and now chief commercial officer at Qred Bank, had already invested in the company's seed round.
”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? At a time when the energy market matters more than ever, I see few companies with such global potential.” says Knut Frängsmyr.
Elvy's subscription model - solar, battery and heat pump with no down payment - has grown 10x during 2025. In just over 1.5 years, the company has built up 23 MW of capacity in its distributed energy fleet across the country.
”Sweden has an electricity crisis today, and new nuclear plants are more than a decade away. The technology needed for a stable Swedish energy system and low electricity costs for households is something Elvy has already built. Together with our partners, we stand ready to invest more than SEK 10 billion and secure 600 MW within three years.”
Elvy was founded in 2023 and is a unique energy company that offers solar, battery and heat pump as a monthly subscription to homeowners. With no down payment, no installation costs and no hassle. Elvy owns the hardware and takes full operational responsibility throughout the entire 15-year agreement. The company was founded by Johan Outinen and David Wedar and is headquartered in Stockholm.
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- Press release -
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Homeowners no longer manage their own power and heat. They decided they had better things to do.
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