Swedish Household Savior: Elvy’s €500 Million Power-Up to Combat Rising Energy Prices

Elvy Secures €500 Million Funding to Revolutionize Home Energy Systems

Elvy, a Stockholm-based energy company, has recently announced a significant milestone in its growth journey. The company has secured a substantial €500 million investment from Scayl, a Swedish debt funding platform, and one of its banking partners. This funding will enable Elvy to empower homeowners to easily and affordably adopt modern energy systems.

With the newly acquired funding, Elvy plans to offer subscription-based home energy packages to homeowners. These packages will include essential components such as solar panels, heat pumps, and home battery systems, providing customers with a comprehensive and sustainable energy solution.

CEO and co-founder of Elvy, Johan Outinen, emphasized the company’s focus on meeting homeowners’ needs for peace of mind. He stated, “Our customers want heating, warm water, and reasonable electricity costs without the hassle of making significant investments or becoming energy experts. Our goal is to simplify the process and provide a seamless experience.”

The growing volatility of energy prices in Europe, particularly in Sweden, has driven homeowners to seek stable and environmentally friendly energy solutions. This shift in consumer demand has also attracted increased investor interest in the home energy sector.

Elvy, founded in 2023 by Johan Outinen and David Wedar, offers fully integrated home energy solutions that cover hardware, installation, maintenance, and electricity needs under a fixed monthly subscription. The company’s proprietary AI engine optimizes energy consumption and generation for households, ensuring efficiency and cost-effectiveness.

Scayl, the debt funding platform behind Elvy’s latest financing, is known for providing non-bank lenders with flexible financing structures through API-driven integrations. CEO and co-founder of Scayl, Medjit Yalmaz, expressed enthusiasm for Elvy’s innovative approach to home energy, noting the immediate economic benefits customers experience with their products.

Through partnerships with banks and a focus on European SME and consumer credit markets, Scayl enables lending partners to offer tailored financing solutions to end customers, further supporting Elvy’s expansion efforts.

Elvy’s collaboration with Scayl and its commitment to delivering sustainable and cost-effective energy solutions position the company as a key player in the evolving home energy landscape. The new funding will accelerate Elvy’s growth and allow the company to onboard up to 15,000 new customers, driving positive change in the residential energy sector.