Oslo-based residential solar and battery installations marketplace Otovo has secured €30 million in new funding and plans to uplist from Euronext Growth to the Oslo Stock Exchange within 12 months. With a market cap of approximately €200 million, the company is currently active in seven markets across Europe, and with the new capital, intends to add an additional six within the next 12 to 18 months.
Slightly different from the growing list of startups that offer a hassle-free way for consumers to become less reliant on skyrocketing energy costs, Otovo uses proprietary technology to analyse a home and then finds the best price and installer for the job, all based on an automatic bidding process.
Since 2016 Otovo claims to have sold and completed more than 6,000 solar systems across Europe, with Q4 2021 seeing a 223 percent rise in year over year sales figures and a 173 percent year over year revenue increase.
Otovo’s raise saw strong participation from the company’s existing shareholders Axel Johnson (20.06 percent ownership), Obos (3.49 percent ownership), and Nysnø Klimainvesteringer(7.39 percent ownership), all pre-subscribed for its pro-rata share, with Agder Energy Ventures, Akershus Energi, and KLP also participating.