Otovo Secures NOK 450 Million in Capital Raise to Fuel Growth in European Solar Market

In a significant move, Europe’s premier solar and battery storage marketplace, Otovo, has successfully secured NOK 450 million (EUR 40 million) in a recent capital raise. The funding round, completed on Thursday, was spearheaded by key investors Å Energy, Axel Johnson Group, and Nysnø (The Norwegian Government Climate Investment Fund). Notably, the entire equity raise was orchestrated by existing shareholders, signaling a robust vote of confidence in Otovo’s trajectory.

The capital injection, allocated strategically among major stakeholders, positions Otovo to accelerate its dominance in the European residential solar market. Key investors, including Axel Johnson Group, Nysnø, and Å Energi, played pivotal roles, collectively reinforcing Otovo’s commitment to sustainable energy solutions.

CEO Andreas Thorsheim emphasized that this funding will propel Otovo to capitalize on the burgeoning opportunities in an energy market marked by reduced solar energy costs and increasing demand for cost-effective solutions. The funds will be instrumental in scaling operations across Europe and steering the company towards profitability through enhanced sales volume, operational efficiencies, and monetization of subscription assets.

Simultaneously, Otovo announced a repair issue of up to 17.4 million shares, reflecting its commitment to further financial fortification. The company, founded in Norway in 2016, has emerged as a leader in the online solar marketplace, streamlining the process for homeowners to adopt solar and battery solutions. The successful capital raise positions Otovo as a formidable player in shaping the future of sustainable energy in Europe.