Swedish EnergyTech startup Elvy closes €5.9 million round after securing €500 million credit facility

Stockholm-based EnergyTech company Elvy has closed a €5.9 million ($7 million) round to accelerate growth and establish Elvy’s subscription model as the market standard for homeowners across Europe. 

The round was led by Essential Capital and Daft Capital, with participation from Mathias Kamprad and other angel investors. Last December, the company secured €500 million from Scayl, a Swedish debt-funding platform. Elvy notes that this credit facility is already in place, with funds earmarked for hardware deployment at scale.

Alongside the raise, business leader and investor Knut Frängsmyr, with roles at Klarna, Epidemic Sound, and Qred Bank, joins the company as Chairman of the Board.

“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,” said CEO Johan Outinen.

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. The company owns the hardware and claims to take full operational responsibility across the 15-year contract.

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

Elvy reported that its subscription model grew 10x in 2025. In just over 18 months, the company has built 23 MW of capacity in its distributed energy park across the country.

“Our solution is different from anything else on the market, because it’s simple. With an Elvy subscription, you don’t need to worry about whether there’s no wind in Germany when you want to cook or do laundry. With the financing in place, we now have the resources to bring our service to every home in Sweden,” the Swedish company mentioned in the press release. 

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