SEK 16m · Other round · Energy · Stockholm, Sweden
Stockholm-based household energy company Elvy has added SEK 16m in an extension to its May funding round, with Leonardo DiCaprio among the new investors. Breakit reported that DiCaprio supplied a “large part” of the new equity, although Elvy did not disclose his exact contribution or the valuation.
The second close extends the SEK 70m round that Elvy announced in May, led by Daft Capital and Essential Capital. It is separate from the SEK 5.5bn credit facility secured in 2025 to finance customer installations.
The balance sheet has to carry the hardware
Elvy sells homeowners a 15-year energy subscription rather than asking them to buy solar panels, a heat pump and a battery upfront. The company owns and operates that equipment, bundles heating, hot water, household electricity, service and warranty into a fixed monthly price, and uses software to optimise the home against electricity markets. This moves the investment and operating burden from the household to Elvy, but it also means growth consumes capital before years of subscription payments arrive.
The split between the large credit facility and the much smaller equity round is therefore central to the model. The facility can fund deployable hardware, while equity gives the operating company room to acquire customers, coordinate installations and develop the software and service layer. That separation can make expansion more capital-efficient than paying for every system from venture equity, but only if Elvy keeps installation quality, financing costs and long-term customer economics under control.
Elvy’s 8 October announcement said revenue grew tenfold in 2025 and introduced a customer-referral platform alongside DiCaprio’s investment. The company says its systems reduce household energy consumption by an average of 60%; that remains a company-reported figure rather than an independently verified result. Breakit reported that 1,800 households had signed up, up from more than 1,000 in May, and quoted chief executive Johan Outinen saying both signed subscriptions and completed installations were growing about 25% month on month.
Each home can become part of the grid
Elvy is also trying to extract value from the installed equipment after it reaches a home. In September, the company announced a partnership with Flower to connect batteries and solar systems to Flower’s trading and optimisation platform. Elvy supplies the assets and software behind the meter; Flower provides market access and grid-facing optimisation.
That arrangement could add flexibility revenue on top of the household subscription and make each installation more productive, but it raises the execution bar. Elvy must finance and install equipment reliably, keep customers for long contracts and coordinate thousands of distributed systems well enough for the portfolio to behave like a usable grid resource. The SEK 16m extension does not remove those dependencies, but it adds operating capital and a high-profile backer as the company tests whether its subscription model can scale beyond early adoption.
