Norwegian solar platform Otovo has secured another equity raise in a funding round led by Nysnø, the Norwegian sovereign wealth fund geared toward climate investments, and the KLP pension fund.
-We are very happy to have secured funding for our European expansion by solid investors with a long-term perspective. We believe our system is superior to other ways of selling and installing small renewable energy units. Now it is time to put what we have learned in the tough markets of Norway and Sweden to use in countries further south, where the sun is more plentiful and electricity prices typically are higher, says Andreas Thorsheim, CEO at Otovo.
Otovo was founded in 2016 by former executives from the software, consumer retail, and renewable energy industries. The company has raised NOK 600 million to date and has 30 employees. The company is expected to have a market share of 50-60% in Norway and 10% in Sweden in the fourth quarter of 2018.
Aabø-Evensen & Co acted as legal advisor to financial advisor SpareBank 1 Markets AS in relation to the Private Placement in Otovo.
Click here to read more in the Norwegian business daily (Dagens Næringsliv, article in Norwegian).