Oslo, 19 February 2021 – Otovo has today been admitted to trading on Euronext Growth following a private placement of NOK 250 million to finance the solar energy platform’s European growth plans (ticker code: OTOVO).
Otovo has sold and completed thousands of solar energy projects across Europe and aims to become the continent’s no.1 residential solar energy company.
“Globally, solar is the fastest growing energy source and by 2050 solar will account for more than one-third of the world’s energy production. The transition to renewable energy is fueling demand in Europe, which is further stimulated by EU’s Green Deal,” said Andreas Thorsheim, CEO of Otovo.
Founded in Oslo in 2016, the Otovo team consists of engineers, programmers and technical consultants. Prior to today’s listing, the company raised NOK 250 million to execute on the business plan to reach cash flow break-even levels in geographies where Otovo currently has operations: Spain, France, Poland, Italy, Sweden and Norway.
“The positive reception in the capital markets is a recognition of Otovo’s unique business model as well as our dedicated team and network of installers across Europe. Being listed at Euronext Growth Oslo is a major milestone for the company and we are eager to pursue the opportunities that are ahead of us,” said Thorsheim.
The placement included NOK 108 million in sales of existing shares, bringing total proceeds raised in the offering to NOK 358 million. The offer price was NOK 20, adjusted for the share split.
Otovo has previously been listed on Euronext NOTC. At yesterday’s close of NOK 28 per share, the market capitalisation of the outstanding shares was NOK 2.9 billion.
Video of the virtual bell ceremony: https://youtu.be/ol1vkYyJ5nA
About Otovo For homeowners, Otovo is the easiest way to get solar panels on the roof. Otovo is a marketplace that organises hundreds of local, high quality and qualified energy installers. The company uses its proprietary technology to analyse the potential of any home and finds the best price and installer for customers based on an automatic bidding process between available installers.