Norwegian energy startup Otovo raises €6.1 million in new funding

Oslo-based energy startup Otovo has raised NOK 60 million – about €6.1 million – in a funding round led by energy utility Akershus Energi and construction and housing firm OBOS alongside existing shareholders.

Otovo has built a platform for distributed energy and solar panel sales online. It has created an algorithm for planning rooftop planning installations and prices based addresses and data on terrain and housing. Installers can then bid on projects.

It also operates a solar energy sales program for buying and selling surplus energy.

So far Otovo offers its services in eastern and southern Norway. With its new funding, it will be seeking new partnerships in Norway as well as internationally.

The startup was founded in 2016 and had raised €3.5 million previously.

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