- Otovo has received private financing of NOK 300 million.
- The funds will finance the company’s planned expansion across Europe.
- ‘The company will expand into the UK, Portugal and Austria this summer.
Norway-based solar home systems (SHS) developer Otovo has secured NOK 300 million ($33.43m) to finance its expansion into the UK, Portugal and Austria. The company intends to expand its services across continental Europe as it plans to enter three more markets over the next twelve months. Of the NOK 300m funding, NOK 100m will be used to strengthen organisational capacity, marketing and technology capabilities while the remaining will fund the expansion into new markets.
Otovo believes there is potential for growth in the UK, Austria and Portugal as over 130,000 solar systems are expected to be installed in 2022, 10% of the European market. Otovo was founded in 2016 as an online marketplace for residential solar systems. The company quickly expanded to seven European countries, including Poland, Italy, and Germany. The company targets expansion into Belgium, the Netherlands, Switzerland, Croatia and Slovakia over the next eighteen months.