Jonas “Birger” Birgersson
Founder & vice chairman
Swedish entrepreneur, born 1971, who founded Framtidsfabriken (CEO) and Svenska Bredbandsbolaget (chairman) — both billion-dollar companies before he turned 30.
All portfolio companiesCore operating holding
Pending verificationBoard & Management Verified Operating DataPending verificationVerified — Signed Option Agreement / Founder Confirmed 
EnergyNet
EnergyNet · Updated 2026-10-06
Energy sharing infrastructure · Protocol
1%
PVW ownership
€31.0m
100% company value
€0.31m
Attributable to PVW
Forecast / early stage
Valuation approach
Valuation sourcePVW reference valuation
Swedish operating company amounts are converted from SEK at a fixed reference rate of EUR/SEK 11.29. Fund references, international financing references and case studies are shown in original currency where relevant. Conversions are shown for reference only.
Monthly summary
Preparing this month's summary…
AI-generated each month solely from the company's own information on this page. Not reviewed or audited; the company page and legal documents prevail.
PVW ownership option
Verified — Signed Option Agreement / Founder Confirmed1%
Current ownership
+5% A
Verified option
€17.7m
Valuation basis
€0.89m
Exercise cost
2027
Expiry
6%
Pro forma ownership
Increases exposure to local grid infrastructure and energy-sharing protocols ahead of a stated 3–5 year IPO ambition.
Illustrative embedded value gap versus current PVW reference valuations: +€0.66m (discount 42.9% vs reference €31.0m).
The illustrative value gaps are calculated against PVW’s current reference valuations. They become economically relevant only if the relevant option or ownership transaction is completed and the reference valuations remain valid.
All purchase options are conditional on the founders contributing the full exercise proceeds to the company as an unconditional shareholder contribution. The capital is used in the business — not as any form of exit for the founders — and solely to strengthen the company's ability to reach its goals.
Shareholder briefUpdated 2026-10-06
An energy-sharing and local-grid infrastructure platform currently operated within the ViaEuropa structure, with a dedicated company planned for 2027.
- Paying customers
Paying customers engaged and moving toward large orders.
- Financing initiatives
~USD 285m connected to two projects; USD 5–10m connected to the US expansion.
A
The investment case
“An energy-sharing and local-grid infrastructure platform currently operated within the ViaEuropa structure, with a dedicated company planned for 2027.”
Role in portfolio: Highest-valued holding; protocol-level optionality with a signed option to increase.
Why does it matter?
Grid capacity is the binding constraint on electrification. Sharing locally produced and stored energy inside communities unlocks capacity without waiting for new transmission.
What proof exists?
Paying customers, customers moving toward large orders, ~USD 285m in project financing references and a public municipal anchor in CoAction Lund.
What signals value?
An acquisition approach around SEK 250m was rejected; IPO ambition within ~3–5 years; dedicated company formation in 2027.
What could make it worth 5x–20x?
Becoming the standard coordination layer across housing associations, municipalities and international projects, with recurring platform revenue.
B
Operating reality today
Public accounts show the historical legal-entity position. PVW also reports Board & Management Verified Operating Data where the current commercial reality has moved materially ahead of the latest filed accounts.
Paying customers, large orders in motion, dedicated company 2027
EnergyNet is currently housed within the ViaEuropa / bi-firma structure, where the technology sits. Paying customers are already engaged and moving toward large orders. EnergyNet / ViaEuropa has financing initiatives with customers visible on its website, including references of approximately USD 285m connected to two projects and USD 5–10m connected to the US expansion. A dedicated EnergyNet company is planned for 2027 as the concept scales.
Board & Management Verified Operating DataBoard & Management Verified Operating Data
1%
Current PVW exposure
+5% A-shares
Verified option
6%
Pro forma exposure
€17.7m
Option valuation basis
€31.0m
Current reference valuation
~USD 285m + USD 5–10m
Project financing references
Why the structure matters
EnergyNet is not yet best understood through a standalone public annual report. The economic value sits in the technology, customer demand, the local-grid infrastructure model, financing structures and the future EnergyNet company formation. PVW's option secures a larger position at a SEK 200m basis ahead of that formation.
Commercial momentum
Paying customers engaged; customers moving toward large orders; financing initiatives with customers including ~USD 285m across two projects and USD 5–10m for the US expansion (figures as quoted in USD).
Converted reference: ~SEK 3.0B / ~€265M at USD/SEK 10.50.
C
Milestones
From start to today
—
Public anchor: CoAction Lund
Municipal energy-community initiative.
Public filing
—
PVW entry
PVW invested SEK 650k at a SEK 100m valuation.
Board & Management Verified Operating Data
—
Acquisition approach rejected
Approx. SEK 250m, management-reported.
Board & Management Verified Operating Data
2027
Option expiry
Signed option on further 5% A-shares at SEK 200m basis.
Verified — Signed Option Agreement / Founder Confirmed
E
Verified operating update & traction
Board & Management Verified Operating Data, shown separately from filed accounts.
Paying customers
Paying customers engaged and moving toward large orders.
DeliveredBoard & Management Verified Operating Data
Financing initiatives
~USD 285m connected to two projects; USD 5–10m connected to the US expansion.
Publicly referenced financing processBoard & Management Verified Operating Data
Housing and municipalities
HSB, Riksbyggen and broad municipal relationships.
DeliveredBoard & Management Verified Operating Data
Acquisition approach
Around SEK 250m, rejected.
DeliveredBoard & Management Verified Operating Data
CoAction Lund
Publicly documented municipal initiative.
DeliveredPublic filing
IPO ambition
~3–5 years. An ambition, not a decided exit.
Commercial targetManagement commercial target
G
Financial engine
PVW analytical scenario — not company guidance.
Revenue engines: licences, installation and hardware, project development, operations and service, and recurring network / platform services — scaled through paying customers, large orders and customer project financing. A full earnings model follows the 2027 company formation.
I
Valuation & value creation
Reference equity value (100%)
€31.0m
PVW economic ownership
1%
PVW attributable equity value
€0.31m
Method
Forecast / early stage
| Multiple of today | 1× | 2× | 3× | 5× | 10× | 20× |
|---|---|---|---|---|---|---|
| Company value | €31.0m | €62.0m | €93.0m | €155m | €310m | €620m |
| PVW attributable | €0.31m | €0.62m | €0.93m | €1.55m | €3.10m | €6.20m |
← Swipe to see the full table →
Illustrative valuation sensitivity — not a forecast or guarantee. Based on equity value, not enterprise value. Growth scenarios are not included in current NAV.
Value creation bridge
- Today
- Pilot communities
- Paying installations
- Recurring platform fees
- Housing association rollout
- Owned network economics
- Strategic / public-market value
- Future enterprise value
Value today vs optionality
Current economic value
Paying customers, financing initiatives and a rejected ~SEK 250m approach.
Future optionality (not in NAV)
Dedicated company 2027; standard-setting local-grid layer; IPO path.
Reference cases
No meaningful comparable has been verified yet; none is shown rather than an unsourced one.
L+
PVW independent analysis
PVW calculations on figures shown elsewhere in this portal (reference values, company budgets, draft accounts, option terms). Simplified and unaudited; targets and budgets are plans, not guarantees.
EnergyNet has already been re-rated from PVW's SEK 100m entry to a SEK 350m reference. The option allows PVW to add 5% at a basis below today's reference.
Reference value vs PVW entry
SEK 350m ÷ SEK 100m
3.5x
Option +5% at SEK 200m basis vs SEK 350m reference
Discount of ~43% to reference
SEK 10m → SEK 17.5m
Stake after exercise
1% → 6%
A position that has already proven its value movement, with a route to six times the current ownership.
M
Ownership scorecard
PVW internal assessment. Conviction with discipline.
Market size19 / 20
Growth13 / 15
Margins8 / 10
Recurring revenue8 / 10
Competitive moat9 / 10
Customer quality8 / 10
Capital efficiency8 / 10
Management / founder4 / 5
Strategic optionality5 / 5
Exit potential4 / 5
86
/ 100
PVW conviction
Very high
Already re-rated 3.5x since PVW's entry, signed 2026 business and an option to grow the stake sixfold.
Data basis: Medium — operating data verified; standalone accounts follow 2027 company formation.
Top strengths
- + Paying customers and large orders in motion
- + ~USD 285m financing references
- + Signed option to 6%
Top risks
- − Structure: within ViaEuropa until 2027
- − Execution of large projects
- − Regulatory dependency
N
What can go wrong?
Regulation
Local network and energy-sharing rules can change.
Pilot conversion
Pilots may not convert to paying deployments.
Valuation
Reference value exceeds the last reported approach.
What would invalidate the thesis?
- Regulation prevents commercial energy sharing.
- No conversion of pilots to recurring revenue.
O
12–36 month catalysts & what needs to happen next
2027
Option exercise decision
+5% A-shares at SEK 200m basis.
Signed
2027–2029
Commercial rollout
Paying installations and recurring fees.
Commercial target
Five most important milestones
2027
Exercise option
+5% A-shares at SEK 200m basis.
Signed
2027
Form dedicated EnergyNet company
Standalone structure as the concept scales.
Commercial target
2026–2027
Convert large orders
Recurring platform revenue.
Commercial target
2027
Close project financings
~USD 285m references; US expansion.
Commercial target
2028–2030
IPO path
Liquidity event.
Commercial target
Q
Sources & documents
Confidential documents are released through the data room on request, never through public links.
Annual report (original)
Annual reports · Approved shareholder access
Valuation memo
Valuation memos · Confidential data room
Shareholder register extract
Shareholder agreements · Confidential data room
Option agreement / exercise documentation — status subject to final legal verification
Financing documents · Confidential data room
Request access: patrickvwallen@gmail.com · +46 70 491 44 43
R
Chairman’s memo — why PVW owns it
PVW owns EnergyNet because the coordination layer for local energy may become as foundational as the networks it runs on. PVW's direct stake is small; the signed option to add 5% A-shares at a SEK 200m basis is how PVW intends to make it matter. PVW would exercise on documented commercial traction; it would reconsider if regulation blocks commercial energy sharing.
Patrick Wallén · PVW Capital AB · 2026-10-06
The people behind the company
Management
Mattias Lindberg
Chief Executive Officer
20-year industry veteran; senior roles at Framfab, co-founder and CEO of Bredband2 when it became the leading independent ISP.
Per Bengtsson
Chief Financial Officer
Background in banking; CFO of the municipal energy company in Växjö from 2000, later turned its broadband network to profitability over 15 years in the energy group.
Herman John
Chief Operating Officer
Twelve years as a command-and-control officer in the Swedish Armed Forces; joined ViaEuropa in 2019 and became COO in 2023.
Øyvind Sandaa
Senior advisor
Two decades in communication technology: Norwegian Army, ElTele, Formus, CTO at Portit and CTO/COO at Labs² Group 2006–2022.
PVW Capital's role
Patrick Wallén
Board member & advisor
Patrick brings over 20 years of experience in finance and capital structuring, ensuring that projects meet institutional requirements and are positioned for scalable investment.
Source: viaeuropa.net. EnergyNet is currently owned and operated by ViaEuropa Sverige AB; these are ViaEuropa's management.
›Appendix: Original company background
01
Overview
EnergyNet aims to provide infrastructure and protocol functionality for energy sharing — conceptually comparable to how communication protocols enabled the Internet. This is an investment thesis, not a guaranteed outcome.
02
Ownership
PVW ownership: 1%. Early stage · Strategic position. Company value €31.0m, of which €0.31m is attributable to PVW. PVW invested €57,573 at a €8.86m company valuation.
03
Business
A new company associated with ViaEuropa and Jonas Birgersson, built around an energy sharing protocol.
04
Market
Distributed energy and the coordination layer between producers, consumers and the grid.
05
Investment thesis
EnergyNet aims to provide infrastructure and protocol functionality for energy sharing — conceptually comparable to how communication protocols enabled the Internet. This is an investment thesis, not a guaranteed outcome.
06
Value creation
A small position taken early, held for optionality rather than influence. PVW contributes through its network in Swedish energy and by staying close to the people building the company.
07
Management
Associated with ViaEuropa and Jonas Birgersson.
08
Milestones
The relevant milestones are technical: a working protocol, first deployments with real energy flows, and partners willing to build on top of it. None of these are guaranteed.
09
Risks
Early-stage risk, adoption risk, regulatory risk and valuation uncertainty. Outcomes are inherently uncertain.
10
Future opportunities
If a shared protocol layer for energy becomes established, the value sits in the standard rather than in any single installation. That is the reason for holding the position — and the reason it is sized as a small one.