[Funding alert] Oslo-based Otovo Secures €40 Million in Funding

Nov 13, 2023 | By Startup Rise EU

Oslo-based Otovo secures funding totaling €40 million. Current backers Å Energy, Axel Johnson Group, and Nysnø (the Norwegian Government Climate Investment Fund) spearheaded the financing round.

Oslo-based Otovo secures funding totaling €40 million. Current backers Å Energy, Axel Johnson Group, and Nysnø (the Norwegian Government Climate Investment Fund) spearheaded the financing round.

With the assistance of the capital increase, Otovo is able to guarantee its route to profitability and propel itself to the top of the European home solar industry.

Read also - UK-based Accenture Acquire 6point6

Concurrently, Otovo announced that it would reorganise its important employee option programme and decided to issue up to 17.4 million shares at the same price.

RECOMMENDED FOR YOU

recomd
Funding
[Funding alert] UK-based Lexverify Secures £900K in Seed Funding
Startup Rise EU
Apr 8, 2024
recomd
Funding
[Funding alert] UK-based Enable Raises $120M in Series D Round Funding
Startup Rise EU
Nov 10, 2023
recomd
Recent Articles
Green Street Acquires Local Data Company, Exclusive Provider of UK Retail and Leisure Location Data
Startup Rise EU
Nov 7, 2023

All of the capital increase was funded by current shareholders. The primary investors, who had own 44% of Otovo's shares, acquired shares for €10 million from Axel Johnson Group (via its subsidy AxSol), €2.5 million from the state-owned climate fund Nysnø, and €500,000 from Obos.

Read also - SUPPLYZ Rebrands as RESONIKS and Secures Investment from Kvanted

More than half of the amount was provided by Å Energi, the sizable Nordic utility formed by a merger in 2022, which also received shares for €22.5 million.

Otovo CEO, Andreas Thorsheim said, “The equity raise allows Otovo to aggressively pursue the opportunities given by an energy market in which the cost of building new solar energy is at an all-time low, traditional energy prices are rising and consumers are looking for ways to cut their expenses,”.

Thorsheim said, “Thanks to the support and continued trust from our large shareholders Otovo has a strong financial foundation allowing us to work on sales volume increases, prudent cost reduction measures and subscription portfolio monetization to bring the company to profitability,”.

In two waves in 2023, Otovo raised €60 million in stock and €100 million in debt. In installations where the consumer purchases the installation, the company gives a return of 15-20%, lowers billed consumption by up to 50%, and allows the investment to be recovered in 7–10 years before any assistance or the addition of batteries in the installation.

About Otovo

The simplest method for installing solar panels on your roof is Otovo. They are a marketplace that coordinates a carefully screened network of nearby, premium energy installation.

Read also - Amsterdam-based Eddytec Secures Funding to Identify Flaws in Carbon Fibre Composites

Recommended Stories for You

story
Funding

[Funding alert] Warsaw-based ZeroQs Secures €457k in Funding

Startup Rise EU Jan 30, 2024

story
Funding

[Funding alert] Barcelona-based Fintech Startup Payflow Raises €20 million in Funding

Startup Rise EU Sep 24, 2023

story
Funding

[Funding alert] UK-based IsomAb Secures £7.5Million in Seed Funding

Startup Rise EU Feb 21, 2024

story
Funding

BIOPHTA funding news – Biotech Startup BIOPHTA Secures €6.5 Million in Seed Funding

Startup Rise EU Jun 3, 2024

story
Funding

[Funding alert] Stockholm-based Alrik Secures €1Million in Seed Funding

Startup Rise EU Apr 3, 2024

story
Funding

[Funding alert] London-based Klu Secures €1.6 Million in Pre-Seed Funding

Startup Rise EU Oct 24, 2023