Fjordkraft Holding

What Fjordkraft Holding does

Fjordkraft Holding, now operating under the corporate identity Elmera Group, is a publicly traded Nordic electricity retailer and energy services company headquartered in Bergen, Norway (Folke Bernadottesvei 38, 5147 Fyllingsdalen). The company supplies electricity, billing & rating services, and electricity-related technology solutions to approximately 1 million consumers, businesses, and wholesale market participants across Norway, Sweden, and Finland, with roughly 20 TWh of electricity volume sold annually and NOK 12 billion in 2025 revenue.

The business is organized into two core operating divisions housed in wholly-owned subsidiaries: Elmera IT, which delivers electricity-related technology solutions to consumers, businesses, and the wholesale market; and Elmera Energy (Elmera Kraftforvaltning), which provides energy management, power portfolio management, and wholesale electricity trading services. Underlying delivery relies on the Nordic electricity grid infrastructure with a regulated utility distribution model, supplemented by in-house billing and rating systems. The company is publicly listed on the Oslo Stock Exchange (share price 45.95 NOK as of July 3, 2026) under corporate org. nr. 920 153 577, with 251–500 employees.

Revenue is generated primarily through three subscription/recurring streams: electricity sales to consumers, businesses, and the wholesale market; billing & rating services; and electricity-related technology solutions. Pricing is not publicly disclosed and is typically tied to consumption volumes and contract terms. Strategic positioning is reinforced by public affairs engagement on Nordic energy policy (solar, battery, fastprice contracts), an active IR reporting cadence (quarterly presentations, half-yearly and annual reports), and a prior 2020 acquisition of Nordic Green Energy to extend renewable supply capability.

Name

Fjordkraft Holding

Legal name

Elmera Group

Website

https://investor.fjordkraft.no

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

251–500 employees

Short description

Fjordkraft Holding, operating as Elmera Group, is a publicly traded Nordic electricity retailer serving approximately 1 million consumers, businesses, and wholesale market participants across Norway, Sweden, and Finland with electricity supply, billing & rating services, and electricity-related technology solutions.

Ownership category

akta.pro rank

Product category

Retail Electricity Supply

NAICS

Electric Power Generation, Transmission and Distribution (2211)

akta.pro primary industry

Asset Management & Owner’s Engineering (Lifecycle Strategy, Budgeting, Technical Due Diligence) (EUAMAGAJ)

Keywords

• Retail electricity supply
• Electricity billing services
• Power portfolio management
• Energy retail solutions
• Wholesale electricity trading

Headquarters

HQ city

Bergen

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Electricity Sales: Revenue generated from selling electricity to consumers, businesses, and the wholesale market. Volume sold approximately 20 TWh annually.
2. Billing & Rating Services: Services related to electricity billing and rating for customers.
3. Electricity Related Technology Solutions: Technology solutions and services related to electricity distribution and consumption.

Distribution channels1 record

Marketing channels3 records

Core offering

Fjordkraft Holding, operating as Elmera Group, is a Nordic electricity retailer that supplies electricity to approximately 1 million consumers and businesses across Norway, Sweden, and Finland, with an annual volume of approximately 20 TWh. The company also provides billing and rating services for electricity customers and offers electricity-related technology solutions through its Elmera IT division, alongside power portfolio management and wholesale electricity trading via Elmera Energy (Elmera Kraftforvaltning).

Product overview

Elmera Group (formerly Fjordkraft Holding) operates as a unified energy services platform offering electricity, billing & rating services, and electricity-related technology solutions. The company is organized into two main divisions: Elmera IT (providing technology solutions) and Elmera Energy/Elmera Kraftforvaltning (energy management and power trading). Services are delivered to approximately 1 million customers across Norway, Sweden, and Finland, serving consumers, businesses, and the wholesale market.

Differentiator

Problem solved

Functional benefit

Products and services

• Elmera IT

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Fortum: Large Finnish-listed Nordic energy company with electricity generation, retail, and customer solutions across the Nordics. Directly comparable as a pan-Nordic power retailer serving both consumers and businesses, but operates at materially larger scale and also owns significant generation assets.
• Statkraft: Norwegian state-owned renewable power generator and largest electricity supplier in the Nordics. Directly comparable as a Nordic electricity market participant; competes with Elmera Group in retail and wholesale, but with much heavier focus on generation and large-scale power market operations.
• Vattenfall: Swedish state-owned utility with electricity retail and generation across Sweden, Norway, Finland, Denmark, and beyond. Comparable as a Nordic multi-country electricity supplier, though vertically integrated and far larger, including hydro, nuclear, and wind generation.

Direct peers

• Entelios: Nordic energy management and power portfolio management specialist serving business customers across Norway, Sweden, Denmark, and Finland. Closely comparable to Elmera Energy's B2B portfolio management and trading offering, with overlapping customer base and value proposition.

Regional players

• Eidsiva Energi: Norway's largest regional energy company, based in Innlandet, supplying electricity, broadband, and district heating. Comparable as a Norwegian retail and business electricity supplier with overlapping consumer and SMB customer segments.
• Skagerak Energi: Norwegian regional energy group with electricity retail and grid operations in the Grenland/Vestfold area. Comparable as a mid-sized Norwegian electricity retailer serving households and businesses, with overlapping product set.
• Hafslund: Norway's largest regional power company, with retail supply, grid ownership in Eastern Norway, and hydro generation. Highly comparable business model to Elmera within Norway, though its home market overlaps directly with Elmera's Norwegian footprint.
• Agder Energi: Norwegian regional utility supplying electricity to consumers and businesses in the Agder region. Comparable as a Norwegian retail electricity supplier with a similar consumer/business split, though smaller and geographically concentrated.
• Modström: Danish electricity retailer focused on renewable supply to Danish consumers and businesses. Comparable as a Nordic retail electricity provider with a similar consumer/SMB customer focus, though primarily Denmark-focused rather than Norway/Sweden/Finland.

Emerging players

• Tibber: Norwegian-origin digital electricity retailer operating across the Nordics with an app-based, consumption-optimized offering. Comparable as a Nordic retail electricity provider serving consumers with a tech-forward proposition; competes head-to-head with Elmera/Fjordkraft's residential book.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/fjordkraft

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Fjordkraft Holding