Vare
Väre Oy is a Finnish electricity retailer serving residential consumers, SMEs, housing cooperatives, and enterprises with a 200,000+ contract base nationwide, offering electricity contracts, the Väppi consumption-tracking app, smart heating/EV charging services, and enterprise portfolio management.
- Company typePrivate
- Founded2019
- HeadquartersKuopio, Finland
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What Vare does
Väre Oy is a Finnish electricity retailer and energy services company founded in June 2018 by four regional utilities — Savon Voima Oyj, Kuopion Energia Oy, Alva-yhtiöt Oy, and Lappeenrannan Energia Oy — and headquartered in Kuopio. The company sells electricity contracts to residential consumers, SMEs, housing cooperatives, and large enterprises across Finland, and aggregates a 200,000+ contract book built through three major portfolio acquisitions (Ilmatar Energy ~30K contracts in May 2023, Kymenlaakson Sähkö ~80K in January 2024, and Tampereen Energia ~100K in July 2024). Väre differentiates on a digital service layer anchored by the Väppi personal energy coach app, which tracks consumption at quarter-hour intervals and integrates with smart heating (Älyl ämmitys) and smart EV charging (Älylataus) devices.
The core technology stack combines a digital energy management platform with origin-verified renewable and nuclear electricity products, real-time market price integration from Nord Pool, and an enterprise API (YritysVäppi) deployed for high-volume customers such as Mehiläinen (840 locations, 40 GWh). Revenue is generated primarily through retail electricity margins across fixed-term, spot-price, and consumption-effect (Välkky) contract types, supplemented by recurring fees for renewable energy certificates, portfolio management services for enterprises consuming >250 MWh annually, demand-response aggregation with Fingrid, and add-on insurance products via AIG. On June 1, 2026, Väre Oy merged into Helen Oy, with Helen becoming the continuing entity for all customer relationships; the analysis above reflects Väre's pre-merger independent operating posture.
Vare firmographics
Firmographics- Name
- Vare
- Legal name
- Väre Oy
- Website
- https://vare.fi
- Company type
- Private
- Founded year
- 2019
- Operating status
- Acquired
- Headcount range
- 11–50 employees
- Short description
- Väre Oy is a Finnish electricity retailer serving residential consumers, SMEs, housing cooperatives, and enterprises with a 200,000+ contract base nationwide, offering electricity contracts, the Väppi consumption-tracking app, smart heating/EV charging services, and enterprise portfolio management.
- Ownership category
- akta.pro rank
Vare industry classification
Industry- Product category
- Electricity Retail
- SIC
- Electric, Gas & Sanitary Services (4900)
- akta.pro primary industry
- Risk Management & Hedging for Renewables (Price/Volume/Shape Risk, VaR) (EUAMAMAK)
Keywords
Where Vare is headquartered
LocationHeadquarters
- HQ city
- Kuopio
- HQ country
- Finland
- HQ region
- Europe
Offices1 record
Markets served
Vare business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Operations, Technology or R&D, Marketing or Sales, Personnel, Supply Chain
Revenue model
- Electricity Sales Contracts: Väre generates primary revenue from selling electricity to consumers and businesses through various contract types including fixed-term, spot-price, and consumption-impact contracts. Electricity is sourced from Nord Pool electricity exchange and small-scale producers.
- Renewable Energy Add-ons: Additional fees for renewable energy certificates including Uusiutuva sähkö (renewable electricity), Ydinsähkö (nuclear electricity), and Tuulisähkö (wind electricity), providing origin-verified electricity with certification.
- Smart Services: Revenue from smart heating control, smart charging services, and demand response services for businesses and consumers.
- Portfolio Management Services: Professional portfolio management for enterprise customers providing electricity procurement strategy, market monitoring, and hedging services. Includes KimppaVälkky for smaller businesses.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | KimppaVälkky: Collective electricity procurement for businesses with price forecasting and 0.90 snt/kWh margin |
| Subscription | Monthly | Määräaikainen YritysVälkky: Fixed-term consumption-impact contract for businesses under 250 MWh |
| Usage-based | Monthly | Yrityspörssisähkö: Spot-price contract for businesses |
| Subscription | Monthly | Uusiutuva sähkö: Renewable electricity add-on |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels6 records
Vare product offering
Product offeringCore offering
Väre is a Finnish energy service company that sells electricity contracts to residential consumers, businesses, housing cooperatives, and public sector organizations across Finland. The company offers multiple contract types including spot-price, fixed-term, and consumption-impact (Välkky) contracts, enhanced with smart services such as Älylataus smart heating control, smart EV charging, Väppi energy consumption app, and professional portfolio management for enterprise customers. Electricity is sourced from Nord Pool exchange and small-scale producers, with renewable and nuclear origin-verified add-ons available.
Product overview
Väre is a Finnish energy service company offering a comprehensive portfolio of electricity contracts and smart energy management services. The core offering consists of multiple electricity contract types (spot, fixed-term, consumption-effect hybrid) that customers can enhance with add-on services. Key products include Väppi energy coaching app, Älylämmitys smart heating control, Älylataus smart EV charging, and Akun Älyjousto battery management. For business customers, Väre provides portfolio management services, demand response programs, and YritysEkstra reporting platform. The company also offers insurance products in partnership with AIG. Väre merged with Helen in 2026, with new contracts now available through Helen.
Differentiator
Problem solved
Functional benefit
Brands
- Väppi: Personal energy coach mobile app and browser service for tracking and optimizing electricity consumption
- YritysEkstra
- YritysVälkky
- KimppaVälkky
- Välkky
- YritysVäppi
Products and services
- Väppi Mobile App Personal energy coaching mobile and browser app that helps consumers and businesses track, optimize, and reduce their energy consumption with quarter-hour precision data, consumption alerts, contract management, and billing history. Available on iOS and Android.
- Pörssisähkö (Spot Electricity) Flexible spot electricity contract where price varies according to Nord Pool electricity exchange rates. Customers track hourly prices and optimize consumption timing. Available for both consumers and businesses.
- Välkkysähkö (Consumption-Impact Electricity)
- Määräaikainen sähkö (Fixed-term Electricity)
- Salkunhallintapalvelu (Portfolio Management)
- KimppaVälkky Joint electricity procurement service for smaller businesses where professionals monitor electricity prices and purchase from cheapest periods. Ongoing contract without commitments, with price forecast through 2028 and 0.90 snt/kWh delivery margin.
- Älylataus (Smart Heating)
- Älylataus (Smart EV Charging)
- Akun Älyjoustopalvelu (Battery Smart Load Service)
- YritysEkstra
- Kysyntäjoustopalvelu (Demand Response Service)
- Yrityspörssisähkö (Business Spot Electricity)
- YritysVälkky (Business Consumption-Impact Contract)
- Tasaerä (Equal Installments)
- Väre Henkilö- ja OmavastuuTurva Insurance
- Avainturva (Key Protection Insurance)
Quantifiable outcome
- 87% of Välkky customers received electricity more affordably than with equivalent fixed-price contracts
- +4 more outcomes
Companies that use Vare
Customer profileNamed customers9 records
Segments4 records
Ideal customer profiles4 records
Vare technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
AI capability2 records
Feature5 records
Vare partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core, flagship and minor.
- Tampereen EnergiacoreVäre and Tampereen Energia signed an agreement on July 1, 2024, transferring Tampereen Energia's consumer and business electricity sales contracts to Väre. Approximately 100,000 contracts were involved.
- Helen OyflagshipVäre merged with Helen Oy on June 1, 2026. Previously Väre joined the Helen Group as of January 1, 2026. Helen became the new parent company providing expanded services to Väre customers.
- Ilmatar EnergyminorVäre and Ilmatar Energy signed an agreement transferring approximately 30,000 electricity sales customer contracts to Väre on May 1, 2023.
- Naantalin EnergiaminorNaantalin Energia and Väre agreed on an arrangement to transfer Naantalin Energia's electricity sales customer relationships to Väre.
- Capalo AI OycoreVäre and Capalo AI signed a strategic partnership to scale Finland's largest battery-based virtual power plant. The partnership aims to coordinate thousands of battery storage systems for grid balancing and market participation.
- AIGminorVäre partnered with AIG to offer insurance products to customers, including Väre Henkilö- ja OmavastuuTurva insurance covering identity theft protection and home insurance deductible elimination.
- Nord PoolcoreNord Pool is the electricity exchange from which Väre procures all electricity it sells, as well as the basis for spot-price and consumption-impact contract pricing.
- FingridcoreFingrid is the Finnish transmission system operator managing the electricity grid. Väre's demand response services balance electricity production and consumption, with Fingrid paying for grid balancing participation.
Scale indicators7 records
Recent moves8 records
Expansion highlights6 records
Vare competitors and assessment
Company assessmentBroad incumbents
- Octopus Energy: UK-headquartered digital-first energy retailer known for smart tariffs, EV integration, and Kraken platform; expanding into European markets. Comparable business model archetype to Väre — tech-led retail electricity with smart home and EV services.
- Fortum: Major Nordic energy group with significant Finnish electricity retail presence alongside generation, heating and EV-charging operations. Comparable as a broad incumbent operating across the same products (retail electricity, EV charging, demand response) and overlapping enterprise customers.
- Helen Oy: Large Finnish energy company that absorbed Väre Oy on 1 June 2026; operates electricity and heat generation, retail, and district heating. Comparable as a broad incumbent that previously competed against Väre and now encompasses it; informs the post-merger combined entity's competitive set.
Emerging players
- Tibber: Norwegian-headquartered digital-first electricity retailer operating in Finland and other Nordics, with smart-home app, dynamic pricing and EV charging integrations. Direct competition to Väre's Väppi/Älylataus product surface and consumer prosumer positioning.
Others
- Savon Voima Oyj: Finnish regional energy group and founding shareholder of Väre. Comparable as a regional utility with both generation and retail arms; useful as a benchmark for regional-utility economics and for understanding the JVs that gave rise to Väre.
- Caruna: Finland's largest electricity distribution network operator. Adjacent rather than directly competitive, but representative of the regulated infrastructure layer Väre interacts with for transmission tariffs and demand response.
- Elenia: Finland's second-largest electricity distribution network operator (DSO) covering c. 100,000 km of network. Relevant comparator for Väre's grid-adjacent demand-response and demand-flexibility services rather than direct retail competition.
Direct peers
- Oomi Energy: Finnish electricity retailer focused on renewable and spot-price contracts, serving residential and SME customers in direct competition with Väre. Closely comparable on product mix (digital-first spot, fixed-term and hybrid contracts) and target segments across Finland.
Regional players
- Vantaan Energia: Regional Finnish municipal energy company providing electricity, district heating and energy services in the Helsinki metropolitan area. Comparable as a regional incumbent competing for both residential and SME customers in overlapping Finnish geographies.
- Kymenlaakson Sähkö Oy (KSOY): Finnish regional energy company that joined Väre as an owner on 1 January 2024, transferring c. 80,000 retail electricity contracts. Provides reference for regional utility structures that have chosen to consolidate retail operations into Väre/Helen.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Vare social profiles
Digital presenceVare compliance and trust
Trust signalCompliance1 record
Vare financial estimates
Financial estimateRevenue estimate
Valuation estimate
Vare leadership team
Management profileNumber of profiles
Profiles3 records
Vare funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Vare M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Vare
What does Vare do?
Väre is a Finnish energy service company that sells electricity contracts to residential consumers, businesses, housing cooperatives, and public sector organizations across Finland. The company offers multiple contract types including spot-price, fixed-term, and consumption-impact (Välkky) contracts, enhanced with smart services such as Älylataus smart heating control, smart EV charging, Väppi energy consumption app, and professional portfolio management for enterprise customers. Electricity is sourced from Nord Pool exchange and small-scale producers, with renewable and nuclear origin-verified add-ons available.
Is Vare a public or private company?
Vare is a private company. It is classified as corporate owned and is currently acquired.
When was Vare founded?
Vare was founded in 2019. It employs 11 to 50 people.
Where is Vare based?
Vare is headquartered in Kuopio, Finland, in the Europe region.
How does Vare make money?
Four revenue lines are on record. Electricity Sales Contracts are the primary driver. The others are renewable Energy Add-ons, smart Services and portfolio Management Services.
Who are Vare's main competitors?
Broad incumbents on record are Octopus Energy, Fortum and Helen Oy. Tibber is listed as an emerging player. Others are Savon Voima Oyj, Caruna and Elenia. Oomi Energy is listed as a direct peer. Regional players are Vantaan Energia and Kymenlaakson Sähkö Oy (KSOY).
Does Vare have an API?
Yes. Väre offers an API interface (API-rajapinta) for its YritysVäppi service that enables enterprise customers to integrate and retrieve electricity consumption data. The API allows large organizations to efficiently manage high volumes of consumption data and usage locations. This is a custom integration primarily developed for enterprise clients like Mehiläinen.
What industry is Vare in?
Vare's product category is Electricity Retail. Its primary akta.pro industry code is EUAMAMAK, Risk Management & Hedging for Renewables (Price/Volume/Shape Risk, VaR). Its SIC code is 4900.