Founded in 2023 by Johan Outinen and David Wedar and led by CEO Johan Outinen, Elvy sells subscription-based home energy packages in which it owns the hardware and provides installation, maintenance and a 15-year service contract. Its offering bundles solar panels, heat pumps and battery systems and is managed by a proprietary AI engine that controls and optimizes household energy generation and consumption. The company reported its subscription model grew 10x in 2025 and has built 23 MW of capacity in its distributed energy park in just over 18 months. Elvy has secured a €500 million credit facility from Scayl to fund hardware deployment at scale and has now closed a €5.9 million equity round to accelerate growth. Management says the company is prepared to invest over €1 billion and secure 600 MW within three years, and has added Knut Frängsmyr as Chairman to support that expansion.

Total raised

$593M

Funding rounds

2

Latest round

Equity

Latest activity

May 2026