Press release -
Next step in Axel Johnson's solar energy investment strategy: Axsol invests in SVEA Solar
Through Axsol, Axel Johnson invests in Svea Solar, the market leading B2C player in solar energy in the Swedish market.
Svea Solar was founded in 2013 by Erik Martinson and Björn Lind, before Nolan Gray joined in 2015. In 2018, the company had sales of 244 million, and in 2019 sales nearly doubled. Svea Solar has a unique position in the Swedish market, with nationwide geographical presence and a leading position for solar energy systems in the consumer market. In addition, the company has strong growth in large-scale commercial projects, as well as additional services such as electric car chargers, batteries, green electricity contracts, and smart monitoring of energy. In addition to direct sales to consumers, the company also has framework agreements with approximately ten major real estate companies. In 2019 Svea Solar won the DI award Supergasellen and started operations in Spain.
The investment is Axel Johnson's third within the solar energy field since the summer of 2019. After the investment, Axsol’s ownership in Svea Solar will constitute a significant minority position.
Stina Andersson, COO of Axel Johnson and responsible for the investments in solar energy:
“Axel Johnson wants to invest in the best Nordic solar companies, with ambitions and opportunities to grow at European level. Svea Solar fits in well with that description. The company is showing impressive growth and has a very strong platform in its market leading position in the installation of solar cells for private houses. In addition, the team has identified several interesting future growth tracks in infrastructure for charging electric cars, battery solutions, as well as solutions for electricity trading that enables storage, optimization and sales of households produced solar energy."
Erik Martinson, CEO Svea Solar:
“We are very pleased to welcome Axel Johnson as the owner. With their clearly stated willingness to invest in building leading solar companies with a long-term perspective, they are a perfect partner for our future growth journey.”
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Axel Johnson is one of the Nordic region’s leading trading groups which builds and develops businesses within trade and services in the European market, with main focus on the Nordic region. Group companies currently comprise Axel Johnson International, KICKS, Martin & Servera, Novax, Åhléns and the partly owned listed companies Axfood (equity stake 50.1 %) and Dustin (equity stake 29.8 %). Axel Johnson’s consolidated annual sales amounts to approximately SEK 82 billion (2018) and the wholly and partly owned companies have about 22,000 employees (2018). Axel Johnson is a family-owned company in the fourth and fifth generation and is owned by Antonia Ax:son Johnson and her family.
