Altor Fund V (“Altor”) has signed an agreement to acquire a significant minority stake in Svea Solar and enter into a partnership with the founders and management to support the continued growth of the company. The founders Erik Martinson and Björn Lind will continue in their roles as CEO and Head of Operations and remain major shareholders of the company.
Founded in 2013, Svea Solar is the #1 integrated solar solutions & service provider in Sweden and #3 in Europe with revenues above SEK 1bn (2021). The company serves more than 20 000 customers primarily focusing on the residential segment, but also through selected corporate partnerships. Starting out in Sweden, Svea Solar entered Spain in 2019, and further expanded into Germany and Benelux in 2020. The headquarters are located in Stockholm and the company currently employs ~700 people.
As part of the transaction, Altor is injecting significant growth capital into the company, to support the accelerated geographical expansion as well as launch of a fully integrated residential solar offering in the near term. In addition, Altor is acquiring all outstanding shares from current shareholder Axsol AB. In total, this makes Altor the lead investor in Svea Solar.
“It is more important than ever to quickly scale up Europe’s access to clean energy, not only for the sake of the climate, but also to ensure that Europe becomes self-sufficient on energy. This enormous contribution from an experienced and engaged investor like Altor will enable us to further contribute to a more sustainable, resilient, and independent energy system. For us it was vital that Altor shared our vision of a future without fossil fuels, where we help people to become self-sufficient on clean energy as quickly as possible. We really look forward to start working closely with a world class investor like Altor,” says Svea Solar’s CEO and co-founder Erik Martinson.
“The investment builds on Altor’s investment track-record in green transition businesses and is a testament to our strong conviction in solar as a critical component for European energy supply and balance. Svea Solar has quickly become the leading residential solar company in Sweden, with established positions in Spain, Germany, Belgium and the Netherlands. Svea Solar’s innovative team has built a remarkable brand position and we are certain they will continue to play a key role in driving the green energy transition in Europe in the years to come. We look forward to partnering with the Svea Solar team and shareholders to deliver on that ambition.” says Herman Korsgaard, Director at Altor.
