Patrick Wallén
Chairman
Patrick brings over 20 years of experience in finance and capital structuring, ensuring that projects meet institutional requirements and are positioned for scalable investment.
All portfolio companiesCore operating holding
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VoltGuard
VoltGuard AB · Org.nr 556601-5490 · Updated 2026-10-06
Strategy
51%
PVW ownership
€0.27m
100% company value
€0.14m
Attributable to PVW
Revenue / EBITDA
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.
Shareholder briefUpdated 2026-10-06
VoltGuard is an operating battery-safety product platform: 100 units sold, SEK 3m revenue in 2026 to date, a SEK 5–10m 2026 target and a SEK 100m target for 2027.
Net sales 2025
€0.0k
Net income
−€26.9k
From the latest annual accounts in the financials section below.
- Units sold
100 units sold.
- 2026 revenue
SEK 3m to date. Board and company target SEK 5–10m for the full year at a 15–30% profit margin.
A
The investment case
“VoltGuard is an operating battery-safety product platform: 100 units sold, SEK 3m revenue in 2026 to date, a SEK 5–10m 2026 target and a SEK 100m target for 2027.”
Role in portfolio: Majority position with the largest relative upside to target.
Why does it matter?
Every home and commercial battery installation raises a fire-safety question. Insurers, property owners and authorities increasingly require fire-classified enclosures.
What is the product?
Own-developed and produced fire-classified battery cabinets (EI60 described on voltguard.nu), in three variants for residential and commercial use.
What commercial proof exists?
100 units sold, SEK 3m revenue in 2026 to date, and distribution through Energy Group's partner network.
What could make it worth 5x–20x?
The 2027 target of SEK 100m at a 15–30% margin implies SEK 15–30m profit, backed by partner agreements and order tranches. Against a SEK 3m reference value, the re-rating potential is exceptional.
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.
100 units sold · SEK 3m in 2026 to date · SEK 100m target 2027
VoltGuard AB (formerly VoltGuard AB) is 51% owned by PVW. Revenue in 2026 to date is SEK 3m; the board and company target SEK 5–10m for full-year 2026 at a 15–30% profit margin. The 2027 target is SEK 100m at the same 15–30% margin. 2027 growth is supported by partner agreements and orders placed in tranches, with sales and distribution through Energy Group’s network and sales channels.
2025 public filing (pre-product)Published financial summary
€0.0k
Net sales
−€26.9k
Net income
2026 Board & Management Verified Operating DataBoard & Management Verified Operating Data
100
Units sold
€0.27m
2026 revenue to date
SEK 5–10m
2026 revenue target
15–30%
Target profit margin
51%
PVW ownership
Energy Group
Distribution
2026 — to dateBoard & Management Verified Operating Data
| Revenue to date | €0.27m |
| PVW ownership | 51% |
2026 — targetBoard-approved commercial target
| Revenue | SEK 5–10m |
| Profit margin | 15–30% |
| Implied profit | SEK 0.75–3m |
| PVW 51% pro-rata | SEK 0.4–1.5m |
2027 — targetBoard-approved commercial target
| Revenue | €8.86m |
| Profit margin | 15–30% |
| Implied profit | SEK 15–30m |
| PVW 51% pro-rata | SEK 7.7–15.3m |
Pro-rata figures are economic exposure before tax, dividends, rights and financing.
C
Financial history (public)
Net sales, operating income, EBITDA, EBIT and net income are never mixed. No figures are interpolated.
| Line item | 2025 (12m) |
|---|---|
| Net sales | €0.0k |
| Net income | −€26.9k |
| Source | Published financial summary |
← Swipe to see the full table →
2025: Product business started after this period; zero 2025 revenue does not mean no current sales.
From start to today
2025
Strategy entity
Legal entity before the product launch.
Published financial summary
2026
VoltGuard launched
Three cabinet variants; 100 units sold; SEK 3m revenue to date; SEK 5–10m target at 15–30% margin.
Board & Management Verified Operating Data
2027
Scale
SEK 100m revenue target at 15–30% margin.
Board-approved commercial target
E
Verified operating update & traction
Board & Management Verified Operating Data, shown separately from filed accounts.
Units sold
100 units sold.
DeliveredBoard & Management Verified Operating Data
2026 revenue
SEK 3m to date. Board and company target SEK 5–10m for the full year at a 15–30% profit margin.
Commercial targetBoard & Management Verified Operating Data
2027 growth
SEK 100m target at a 15–30% profit margin, supported by partner agreements and orders placed in tranches.
Commercial targetForecast backed by signed orders / partner agreements
Distribution via Energy Group
Sales through Energy Group’s 60+ partner network and channels.
DeliveredBoard & Management Verified Operating Data
G
Financial engine
PVW analytical scenario — not company guidance.
Scenario matrix — 2026 target SEK 5–10m, 2027 target SEK 100m, 15–30% margin
| Revenue ↓ / Margin → | 15% | 20% | 25% | 30% |
|---|---|---|---|---|
| €0.44m | €66.4k PVW €33.9k | €88.6k PVW €45.2k | €0.11m PVW €56.5k | €0.13m PVW €67.8k |
| €0.89m | €0.13m PVW €67.8k | €0.18m PVW €90.3k | €0.22m PVW €0.11m | €0.27m PVW €0.14m |
| €4.43m | €0.66m PVW €0.34m | €0.89m PVW €0.45m | €1.11m PVW €0.56m | €1.33m PVW €0.68m |
| €8.86m | €1.33m PVW €0.68m | €1.77m PVW €0.90m | €2.21m PVW €1.13m | €2.66m PVW €1.36m |
← Swipe to see the full table →
Implied profit by the confirmed margin metric; PVW figure is pro-rata exposure before tax, dividends, rights, financing and dilution. Not actual profit, not current valuation, not a guaranteed distribution.
Units required for SEK 100m (2027 target)
4,000
100 units sold to date
I
Valuation & value creation
Reference equity value (100%)
€0.27m
PVW economic ownership
51%
PVW attributable equity value
€0.14m
Method
Revenue / EBITDA
| Multiple of today | 1× | 2× | 3× | 5× | 10× | 20× |
|---|---|---|---|---|---|---|
| Company value | €0.27m | €0.53m | €0.80m | €1.33m | €2.66m | €5.31m |
| PVW attributable | €0.14m | €0.27m | €0.41m | €0.68m | €1.36m | €2.71m |
← 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
- 100 units sold
- SEK 3m to date; SEK 5–10m target (2026)
- Energy Group distribution
- Order tranches & partner agreements
- Production scale
- SEK 100m revenue target (2027)
- Future enterprise value
Value today vs optionality
Current economic value
Operating product business: 100 units sold, SEK 3m revenue in 2026 to date.
Future optionality (not in NAV)
SEK 100m revenue target in 2027 through partner channels; commercial segment.
Reference cases
Tesla Powerwall / sonnen / BYD Battery-Box / Sigenergy
Size of residential and commercial battery adoption that drives demand for safe enclosures.
Category reference only. VoltGuard is a safety cabinet, not a battery cell or integrated battery system.
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.
VoltGuard is carried at a SEK 3m reference — equal to 2026 revenue to date. The Board's 2027 target describes a company of an entirely different size.
2026 revenue to date / target
SEK 3m / SEK 5–10m
2027 target profit at 15–30% margin
SEK 100m × 15–30%
SEK 15–30m
PVW 51% share of that profit
SEK 7.7–15.3m
Reference value / 2027 target profit
0.1–0.2x
The current value prices in almost nothing of the 2027 plan. Even partial delivery would be a step change for PVW's NAV.
M
Ownership scorecard
PVW internal assessment. Conviction with discipline.
Market size17 / 20
Growth14 / 15
Margins8 / 10
Recurring revenue7 / 10
Competitive moat8 / 10
Customer quality8 / 10
Capital efficiency8 / 10
Management / founder4 / 5
Strategic optionality5 / 5
Exit potential4 / 5
83
/ 100
PVW conviction
Very high — asymmetric
Revenue in place, a partner-backed SEK 100m 2027 target and a reference value that prices in almost none of it.
Data basis: Medium — SEK 3m 2026 revenue to date; 2027 backed by partner agreements and order tranches.
Top strengths
- + Revenue generating: SEK 3m in 2026 to date
- + Group distribution channel
- + PVW majority (51%)
Top risks
- − Production capacity must scale
- − Hardware working capital
- − Certification per model
N
What can go wrong?
Product liability
Safety products carry warranty and liability exposure.
Working capital
Inventory and production scale require financing.
Competition
Battery vendors may integrate safety enclosures.
What would invalidate the thesis?
- Order tranches are not called off in 2027.
- Unit economics do not hold at scale.
O
12–36 month catalysts & what needs to happen next
2026
SEK 5–10m revenue
Board and company target at 15–30% margin; SEK 3m to date.
Commercial target
2027
SEK 100m revenue
SEK 7.7–15.3m PVW pro-rata profit exposure at 15–30% margin.
Commercial target
Five most important milestones
2026
Reach the 2026 revenue target
SEK 5–10m at 15–30% margin (SEK 3m to date).
Commercial target
Q4 2026
Scale production capacity
Ahead of 2027 tranches.
Commercial target
Q4 2026
Certification file per model
Released via data room.
Commercial target
2027
Call-off of order tranches
Converts partner agreements to revenue.
Commercial target
2027
Working-capital facility
Funds inventory growth.
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
Fire classification test report
Test reports · Approved shareholder access
Request access: patrickvwallen@gmail.com · +46 70 491 44 43
R
Chairman’s memo — why PVW owns it
PVW holds 51% of VoltGuard because battery adoption creates a safety problem that needs a physical product — and VoltGuard is one. PVW contributes board work, distribution via the group network and capital structure. PVW would increase support once distribution agreements and certifications are documented; it would reconsider if unit economics do not hold at scale.
Patrick Wallén · PVW Capital AB · 2026-10-06
The people behind the company
Board of directors
Source: PVW Capital. Full register details to be added.
›Appendix: Original company background
01
Overview
A majority position held with board-level involvement alongside the operating team.
02
Ownership
PVW ownership: 51%. Controlling ownership. Company value €0.27m, of which €0.14m is attributable to PVW.
03
Business
Strategy work for owners, boards and management teams — positioning, growth strategy and the structural questions that precede transactions and capital raises.
04
Market
Advisory demand from owner-led and growth companies that need senior strategic capacity without building it in-house.
05
Investment thesis
A majority position held with board-level involvement alongside the operating team.
06
Value creation
Majority ownership enables direction on strategy, governance and use of capital.
07
Management
Led by its operating partners, with PVW as majority owner represented at board level by Patrick Wallén.
08
Milestones
Building a repeatable method and client base, and keeping the business profitable at a modest scale rather than growing headcount for its own sake.
09
Risks
Key person dependency and execution risk.
10
Future opportunities
Beyond its own result, the business gives the group a strategic capability it can apply inside the portfolio — and a natural source of company relationships.