Elvy powers up with €500 million to help Swedish households beat soaring energy costs

Stockholm-based energy company Elvy has secured €500 million from Scayl, a Swedish debt funding platform, and one of its banking partners to enable homeowners to adopt modern energy systems easily and affordably. 

With this funding, Elvy aims to finance subscription-based home energy packages for homeowners, which include solar panels, heat pumps, and home battery systems. 

“It’s less about the technology and more about what the homeowners actually want, peace of mind. Our customers want heating, warm water, and reasonable electricity costs. It shouldn’t require big investments or that they become energy experts in their free time to optimise energy consumption,” said Johan Outinen, CEO and co-founder of Elvy.

The rising volatility of energy prices across Europe, especially in Sweden, has prompted homeowners to seek solutions that provide both financial stability and environmental benefits. This shift in consumer demand is also driving a noticeable surge in investor interest across the home energy sector. 

Earlier this year, in August, Swedish CleanTech Aira raised €150 million to accelerate the electrification of residential heating in Europe. In July, London-based Sunsave raised €130 million to take solar mainstream with zero-upfront subscription model. Similarly, in January, German climate fintech Bees & Bears secured €500 million in financing commitments to fund home energy solutions. 

Founded in 2023 by Johan Outinen and David Wedar, Elvy provides fully integrated home energy solutions, including solar panels, heat pumps, and battery systems. It offers an energy package consisting of hardware, installation, maintenance and the houses’ electricity needs, at a fixed monthly subscription. 

According to the company, the package is managed by Elvy’s proprietary AI engine to control and optimise the energy generated and consumed by the households.

Elvy mentions that this new financing from Scayl will enable it to further accelerate growth and expand its capacity to onboard up to 15,000 new customers.

Debt funding platform Scayl provides non-bank lenders with access to flexible and transparent financing structures through API-driven integrations. 

“Elvy’s approach to home energy immediately stood out to us. Solar financing has existed for decades, but Elvy has created something fundamentally different: a product where customers see a net-positive economic effect from day one, rather than waiting years to break even. We’re excited to help scale this model in Sweden,” stated Medjit Yalmaz, CEO and co-founder of Scayl.

By partnering with banks and offering them exposure to European SME and consumer credit markets, Scayl enables its lending partners to deliver fully customised financing solutions to their end customers.

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