Otovo announces €30m round to accelerate entry into six new markets starting with the UK, Portugal and Austria. Currently, the Norwegian company specializing in solar energy and retail accumulators is present in seven countries: France, Germany, Italy, Norway, Poland, Spain and Sweden.
Otovo intends to broaden its range of action by expanding towards new European markets, promoting the use of solar energy in the home, on the basis of the high prices of energy produced from fossil sources and favorable regulations towards the development of energy renewable, focusing on a business model with a strong digital footprint.
As it enters new countries, the Norwegian company expects to target a market where around 6 million people will switch to solar energy by 2024. This implies a turnover potential in the sector around the 20 billion euros.
The goal is to “have a complete continental and pan-European presence”, explained Andreas Thorsheim, managing director of the group. “The idea is that the new markets will allow us to grow even faster, achieve greater volume benefits, reduce the cost of capital for our subscription business, and conclude attractive plant equipment deals.”
The fundraiser met with strong interest from existing investors, as they approved it, each according to their prorated share: Axel Johnson AB (leading solar investor in the Nordics and largest shareholder in Otovo, with a stake of 20,06%), Obos BBL (3,49%) and Nysnø Klimainvesteringer AS (Norwegian climate investment fund, with a 7,39% ownership).
