STOCKHOLM / LONDON (IT BOLTWISE) – Swedish energy startup Elvy recently secured €500 million in funding to fuel its expansion in Europe. With an innovative approach to managing energy systems, Elvy offers households the opportunity to significantly reduce their energy costs. The financing is provided through a unique debt arrangement that opens up new opportunities for growth and partnerships for the company.
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Swedish energy startup Elvy recently closed a remarkable €500 million financing to accelerate its expansion in Europe. This financing comes in the form of a debt agreement that will allow the company to further expand its innovative household energy packages in Sweden and other European countries. Elvy offers its customers comprehensive energy management that includes the installation and maintenance of solar panels, heat pumps and batteries, all for a fixed monthly fee.
Founded 15 months ago, Elvy has quickly made a name for itself by helping households reduce their energy costs by up to 50%. Co-founder and CEO Johan Outinen emphasizes that by using Elvy services, customers can not only save money, but also contribute to the energy transition. The latest round of funding was provided by Swedish debt financing platform Scayl and one of its banking partners.
With the new funding, Elvy plans to strengthen its presence in Sweden while expanding into international markets. The company originally targeted Germany as its first international market, but has now had positive discussions with major energy companies in Eastern Europe. These regions have become particularly vulnerable due to their dependence on Russian energy, opening up new opportunities for partnerships.
Elvy brings not only its software but also new debt financing to these partnerships, reducing the risk of international expansion. Outinen is optimistic that the company could go live in a new country with a major partner by the first half of 2026. Despite the delay in debt financing, Elvy remains confident that it will achieve its long-term goals.
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