Otovo, a prominent solar and battery storage marketplace in Europe, has fortified its financial base with a significant capital raise. The company announced today that it has completed a full equity raise from its existing shareholders. Leading the investment, Å Energi infused NOK 268 million into Otovo's coffers, demonstrating strong confidence in the firm's growth strategy as it navigates the burgeoning low-cost solar energy market.
The capital injection also saw contributions from Axel Johnson Group (through AxSol) with NOK 104 million, Nysnø with NOK 29.4 million, and Obos with NOK 5 million. This funding round is a part of Otovo's broader financial strategy, which has seen the company raise NOK 1.100 million (EUR 100 million) in debt and NOK 700 million (EUR 60 million) in equity through two separate issues this year.
CEO Andreas Thorsheim articulated that the proceeds from the Private Placement are earmarked for expanding Otovo's presence across Europe and for other corporate purposes. Otovo's strategy is built around three pillars: increasing sales volume, implementing prudent cost reduction measures, and monetizing subscription assets.
In addition to the equity raise, Otovo disclosed plans for a repair issue of 17.4 million shares and a restructuring of its option program. These moves are designed to realign the company's financial structure with its strategic objectives.
Otovo operates by employing proprietary technology to assess homes for solar panel and battery potential and uses an automatic bidding process to ensure customers receive competitive prices. As traditional energy prices continue to rise, Otovo's recent capital raise positions it to capitalize on opportunities within the renewable energy sector and to further its mission of making solar energy more accessible across Europe.
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