Vare

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.

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

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

• Electricity retail services
• Smart energy management
• Electricity supply contracts
• Energy consumption tracking
• Demand response services

Headquarters

HQ city

Kuopio

HQ country

Finland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Technology or R&D, Marketing or Sales, Personnel, Supply Chain

Revenue model

1. 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.
2. 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.
3. Smart Services: Revenue from smart heating control, smart charging services, and demand response services for businesses and consumers.
4. 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

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core 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

Named customers9 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability2 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered core, flagship and minor.

• Tampereen EnergiacoreChannel Partner/ Reseller/ Distributor · 1 July 2024Väre 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 OyflagshipStrategic or Co-development Partner · 1 January 2024Väre 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 EnergyminorChannel Partner/ Reseller/ Distributor · 1 May 2023Väre and Ilmatar Energy signed an agreement transferring approximately 30,000 electricity sales customer contracts to Väre on May 1, 2023.
• Naantalin EnergiaminorChannel Partner/ Reseller/ DistributorNaantalin Energia and Väre agreed on an arrangement to transfer Naantalin Energia's electricity sales customer relationships to Väre.
• Capalo AI OycoreStrategic or Co-development PartnerVäre 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.
• AIGminorChannel Partner/ Reseller/ DistributorVäre 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 PoolcoreTechnology or IntegrationNord 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.
• FingridcoreTechnology or IntegrationFingrid 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

Broad 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

• Xx.com/vare_fi
• YouTubeyoutube.com/channel/UCRINFtpS-Um-yq3QBLOoOlQ
• Facebookfacebook.com/vareenergia
• LinkedInlinkedin.com/company/vare
• Instagraminstagram.com/vare.fi

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vare