Otovo ASA

Otovo AS, based in Norway, specializes in solar energy solutions by providing tailored solar panel installations for residential rooftops, effectively enabling users to shift towards renewable energy and reduce electricity costs. Otovo AS focuses on delivering solar energy solutions through customized solar panel systems for residential rooftops. Founded in 2016 in Oslo, Norway, the company has completed a total of 10 deals. Andreas Thorsheim and Simen Jørgensen co-founded the company, and Andreas Thorsheim serves as CEO.

In February 2021, Otovo AS received NOK 450. 00 mn in a PIPE funding round from investors including Axel Johnson AB, Nysnø Climate Investments, Obos, and Å Energi, raising a total of NOK 450. 00 mn to date. Otovo specializes in providing solar energy solutions through the installation of solar panel systems tailored for residential rooftops.

Their core offerings include comprehensive solar panel installations, encompassing design, permitting, and installation processes managed by the company. The systems convert sunlight into renewable energy, reducing dependency on traditional power grids while enabling users to save on electricity costs from day one. Otovo's customer base primarily consists of residential homeowners seeking sustainable energy practices in Norway, Sweden, Germany, and France. The company emphasizes long-term solar energy benefits and offers a subscription model, allowing customers to utilize solar power without upfront capital expenditure.

Otovo generates revenue through a subscription model for solar panel installations, with monthly fees starting from 699 NOK. This structure encourages homeowners to adopt solar technology while benefiting from immediate energy savings. Additionally, direct purchase options are available, offering warranties of 10 years for outright purchases and 20 years for subscription services. With revenue of NOK 95,785,139.

60 for the most recent year in 2023 and an EBITDA of NOK -30,734,181. 70, Otovo effectively generates diverse revenue streams through both recurring payments from subscribers and one-time payments from direct purchases. Otovo AS plans to leverage its recent PIPE funding to enhance its product offerings and expand into new markets. The company aims to launch several new solar products designed for improved efficiency and customer accessibility within the next two years.

Additionally, Otovo is targeting expansion into the European markets of Denmark and the Netherlands by 2025. The recent funding will support these initiatives, following its listing on Euronext Growth under the ticker code OTOVO in February 2021.