Otovo closes NOK 60 million founding round.

Otovo brings on board major industrial partners in second round of external financing.

On 10 July, Otovo closed a NOK 60 million (EUR 6.1m) equity financing round on led by Akershus Energi and OBOS.

“The round was substantially oversubscribed and in addition to continued support from existing shareholders we chose to bring on board investors with strong industrial logic providing future partnership opportunities for Otovo in Norway and abroad. Among existing shareholders we already have Norwegian construction and energy majors, and adding OBOS and Akershus Energi strengthens our team of financially solid and committed investors and business partners”.

Otovo is a 18 month old distributed energy startup software centric company, who use terrain, weather and building data together with a solar panel planning algorithm to sell rooftop solar installations online.

Aabø-Evensen & Co has acted as legal advisor in connection with the private placement in Otovo AS.

Click here to be redirected to Otovo’s press release.