Annual review 2021

Our group companies


AxSol comprises our solar energy companies, and in 2021 investments were made in two new companies. The year was otherwise characterized by strong demand, but also by challenges in the supply chain and protracted permit processes that delay the establishment of large-scale solar energy.



The solar energy market in Sweden and Europe as a whole was characterized in 2021 by strong underlying demand, but also by supply problems. Due to, among other things, quadrupled silicon prices, solar panel prices were 15–30 percent higher than the previous year.

The Swedish consumer market showed strong growth during the year, strengthened by a more level playing field in the form of a solar tax deduction of 14.5 percent of the cost. The commercial segment, which includes solar panel installation on larger buildings such as warehouses and store roofs, experienced a weak order intake for most of 2021, but gained momentum during the last months of the year.

The area we see the greatest growth potential for in the coming years in the Swedish market is in the expansion of large-scale solar parks, which have seriously begun to gain momentum in Scandinavia. AxSol aims to be a leading player in this development.



All AxSol companies continued to grow during 2021. Solkompaniet, like most industry peers, has had significant challenges related to the sourcing of panels. Solkompaniet is now accelerating its focus on largescale photovoltaic systems. AxSol made an additional investment in Solkompaniet in 2021 and became majority owner at the beginning of 2022.

Otovo connects private individuals with installers and producers. Through Otovo’s platform, based on property data, consumers can receive automated quotes from affiliated assembly companies. During the year, Otovo continued its international expansion to Italy, Spain and Germany. The year ended very strongly with an escalation in both completed installations and placed orders compared to the same period last year, which strengthens the conviction that Otovo’s model is internationally scalable.

Alight has worked on developing a number of large solar park projects during the year, including the completion of Martin & Servera’s park outside Skurup in Southern Sweden. An agreement was entered into with the Axel Johnson Group and Axfood to build new solar parks, which, however, awaits regulatory approval before construction can begin. Svea Solar has continued to develop its business model in all segments, with growth primarily on the consumer side in both the Swedish and European markets.


Two new Axsol companies

In June, AxSol led a funding round in the research- based company Epishine. The company manufactures printed flexible solar cells that are used to power IoT products indoors. Epishine grew out of 30 years of research and is at the beginning of its journey to become a business.

IN THE SUMMAR, AxSol became the majority owner of EnergiEngagemang, a leading turnkey supplier of solar cell solutions for commercial and large-scale solar plants, with a focus on the Swedish market, which is in line with AxSol’s focus. Through ownership in EnergiEngagemang, Solkompaniet and Alight, AxSol and Axel Johnson are a leading force in the expansion of large-scale solar energy efforts in Sweden.

The facts

AxSol is the Group’s youngest company, which was started around the turn of the year 2019/2020 to raise investments in the solar energy sector.

Ownership: 100 % in AxSol, which has a varying ownership interest in the portfolio companies Alight, EnergiEngagemang, Epishine, Otovo, Solkompaniet and Svea Solar.

Number of empoyees in AxSol companies: approximately 500

Sales for AxSol companies: SEK 1.99 billion