Norwegian startup Otovo raises €30 million to bring easier access to solar power across Europe

Oslo-based Otovo has secured €30 million to accelerate the expansion of its solar marketplace across six new markets over the next year. Founded in 2016, the European-solar titan is listed on Euronext Growth Exchange in Oslo, with a market capitalization of circa €200 million.

The fresh funding saw strong interest from existing investors and was led by the leading solar investor in the Nordics Axel Johnson, with participation from Agder Energy Ventures, Akershus Energi, KLP and Nysnø. 

On a mission to bring residential solar and batteries to homes across Europe, Otovo is one of Europe’s leading pan-European marketplaces, making green energy more accessible. In 2019, the Norwegian startups acquired the French solar panel installation startup In Sun We Trust, and now has a presence in seven markets: France, Germany, Italy, Norway, Poland, Spain and Sweden. 

Otovo makes it easy for homeowners to get solar panels on the roof, and, for solar installer companies, it’s an easy way to fill order books. Otovo organises more than 500 local, high-quality and qualified energy installers and helps them scale their business. With proprietary technology, Otovo analyses the potential of any home and finds the best price and installer for customers based on an automatic bidding process between available installers. Otovo has more than 12,000 customers and expects to add 10,000 new customers in 2022. 

Otovo’s Chief Executive Officer, Andreas Thorsheim commented: “We are increasingly confident in our ability to launch in new markets. Poland, Italy and Germany were launched in 12 months. We are present in seven countries, and have six to eight additional attractive markets in our sights for the next year, year-and-a-half.”

With the aim of becoming the number one supplier of residential solar in Europe, the funds will be used to complete even more projects across the continent, bringing clean energy to European households.

The company is seizing a great opportunity to take on new markets on the back of high energy markets and regulatory tailwinds that are disrupting the energy sector, leveraging its scalable business model and proven capabilities. The company has a proven track record of scaling to new European markets and gaining market share quickly with consistent volume growth. With entering the new countries, Otovo is expected to address a market where approximately 2 million new customers go solar every year by 2024 – a massive market size of over €20 billion!

Andreas Thorsheim continued: “Our competitors are typically single-market players. We are probably the fastest-growing player in the market, and we aim to be the first to have a full continental, pan-European presence. The idea is that the new markets will enable us to grow even faster, get increased volume advantages, unlock unique partnerships, reduce the cost of capital for our subscription business and close attractive equipment deals”.