Stockholm-based home energy startup Elvy has secured €500 million in financing from Scayl and one of the fintech’s bank partners to expand its residential energy offering in Sweden. The company provides homeowners with solar panels, heat pumps and battery systems through a subscription model that covers installation, maintenance and energy optimisation, removing the need for large upfront investments. Elvy says the systems are managed by its own software to balance household energy production and consumption. The new financing will be used to increase deployment capacity, with the aim of equipping around 15,000 households as electricity prices remain volatile and demand for alternative energy solutions grows.
Elvy focuses on residential energy systems. The company provides households with access to solar panels, heat pumps and home battery solutions through a subscription model that includes installation, maintenance and system management. Elvy operates the systems using its own software to monitor and optimise energy production and consumption at the household level. Founded in Sweden, the company is active in the domestic market and is expanding its installed base as interest in alternatives to traditional grid-dependent energy supply increases.
“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” says Johan Outinen, CEO and Co-Founder of Elvy.
The funding comes via Scayl, a fintech platform specialising in structured debt financing, which enables non-bank lenders to access capital through partnerships with banks.
“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,” commented Medjit Yalmaz, CEO and Co-Founder of Scayl.
With electricity prices remaining volatile across Europe, demand for predictable and cost-efficient energy solutions has increased sharply. Elvy says its model reduces reliance on the grid while improving household sustainability and long-term property value, without the financial barriers that have slowed adoption of clean energy technologies.
The partnership between Elvy and Scayl also highlights a broader trend in the Nordic startup ecosystem, where energy and fintech companies are increasingly collaborating to tackle infrastructure-scale challenges. Elvy plans to use the new capital to expand customer onboarding capacity and continue its growth across Sweden, positioning subscription-based home energy as a mainstream alternative to traditional ownership models.
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