Norwegian home solar and battery storage installation marketplace, Otovo ASA, has successfully raised NOK 450 million (USD 40.4m/EUR 37.9m) in equity funding from existing shareholders, signaling a strategic move for growth capital and general corporate purposes.
The funding round was spearheaded by Norwegian utility A Energi, formerly Agder Energi, in collaboration with Swedish family-owned firm Axel Johnson Group and the Norwegian government's climate investment fund Nysno. Axel Johnson Group, already the largest shareholder with a 44% stake, invested NOK 104 million, while A Energi contributed over half of the total funding with an allocation of NOK 268 million.
Otovo CEO Andreas Thorsheim expressed the company's commitment to leveraging the funding to aggressively pursue opportunities in the evolving energy market. He emphasized the current landscape, characterized by historically low costs for new solar energy installations, escalating traditional energy prices, and growing consumer interest in reducing expenses.
In addition to the equity raise, Otovo disclosed plans for a repair issue of up to 17.4 million shares at the same price. Furthermore, the company outlined a restructuring of its option program for key employees, underscoring its strategic initiatives for expansion and development within the dynamic renewable energy sector.