Solar marketplace Otovo raises $34m to fund entry into six European markets

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Otovo is currently active in seven European markets. Image: Otovo.

Norwegian start-up Otovo has secured NOK300 million (US$33.7 million) through a private placement to support the expansion of its solar marketplace into six new European countries.

This summer will see the company launch in the UK, Portugal and Austria, followed by an additional three markets in the next 12 months, as it looks to gain economies of scale advantages in hardware deals and diversify its operations base.

Otovo’s technology analyses the potential for installing solar systems on homes and finds the best price and installer for customers based on an automatic bidding process. The company has built up a network of more than 500 installer companies across the European Union.

Adding to its presence in Norway, Sweden, France and Spain, Otovo CEO Andreas Thorsheim said the start-up’s entry into Poland, Italy and Germany last year has “strengthened our confidence in the ability to launch markets swiftly, safely, and at a low cost”.

The UK, Portugal and Austria are expected to constitute more than 130,000 solar installations in 2022, approximately 10% of the European market, according to Otovo, which hopes to benefit from a battery attachment rate of between 30 – 60% of new customers in those countries.

The firm also aims to capitalise on rising electricity prices, with UK energy prices set to rise by more than 50% in April. “We saw this as a clear call to action and have now raised the additional capital that enables us to accelerate our pathway to continental scale with our proven model for market expansion,” Thorsheim said.

Otovo exited 2021 with operations in seven European countries and a yearly sales run-rate of around 8,400 new customers, a figure it expected to rise to 20,000 – 25,000 in 2023.

Its European growth comes as US solar marketplace EnergySage sold a majority stake in the business last week to Schneider Electric.  

15 June 2022
Consumers are turning to residential renewables in significant numbers, driven by a desire to be environmentally conscious and a wave of high power prices. But turning green requires easy-to-use and, above all, safe technologies that meet expectations. Huawei is committed to building efficient, safe, reliable and grid-supporting smart PV plants that also provide smart services to consumers, and its Residential Solution has been tailored to meet consumer demand. This webinar will demonstrate the full suite of technologies offered within the Huawei Residential Solution, including a smart energy controller, smart AC charger, and AI-powered energy storage solution, and detail how it can place power back in the consumer’s hands.
4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.

Read Next

May 27, 2022
The CEO of US solar and energy storage developer Borrego has said the company’s project development business will be less capital constrained under the new ownership of investment firm ECP, following a deal announced earlier this week to spin off and sell the unit.
May 26, 2022
The Solar Media Podcast returns to discuss the continued rise of TOPCon PV modules and energy storage demand throughout Europe.
May 25, 2022
Module price increases, higher raw material costs and logistical challenges will pull down the return on equity (ROE) for 25GW of India solar projects, with 5GW of those at high risk given when they submitted their bids.
May 25, 2022
Supply chain woes, spiralling energy prices and the COVID-19 pandemic have reversed the downward trend in average business interruption (BI) claims for renewables developers, with sector-wide average business downtime days up by 38% on 2016.  
May 18, 2022
Powering electrolysers with renewables generation that would otherwise be curtailed could be an effective strategy for producing green hydrogen in the coming years until the H2 sector benefits from further cost declines, it was suggested during a panel discussion.
May 13, 2022
Retail giant IKEA has partnered with US residential solar installer SunPower to offer home PV solutions in the US.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 7, 2022
Leonardo Royal London City, London, UK
Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
June 22, 2022
Sheraton Austin Hotel at the Capitol, Austin, Texas