Currently, Otovo is present in seven markets: France, Germany, Italy, Norway, Poland, Spain and Sweden. The fundraise saw strong interest from existing investors, led by the leading solar investor in the Nordics Axel Johnson.
The company is seizing the opportunity to take a leading position in new markets on the back of high energy prices and regulatory tailwinds, utilising its scalable business model and capabilities. With entering the new countries, Otovo is expected to address a market where ~2,000,000 new customers go solar every year by 2024. This implies a market size of more than 20 billion euros.
“We are increasingly confident in our ability to launch in new markets” said Otovo’s Chief Executive Officer, Andreas Thorsheim. “Poland, Italy and Germany were launched in 12 months. We are present in seven countries, and have six to eight additional attractive markets in our sights for the next year, year-and-a-half. Our competitors are typically single-market players. We are probably the fastest-growing player in the market, and we aim to be the first to have a full continental, pan-European presence. The idea is that the new markets will enable us to grow even faster, get increased volume advantages, unlock unique partnerships, reduce cost of capital for our subscription business and close attractive equipment deals.”
The fundraise saw strong interest from existing investors, where Axel Johnson AB, the leading solar investors in the Nordics and the largest shareholder in Otovo with an ownership of 20.06 percent, Obos BBL and Nysnø Klimainvesteringer AS all pre-subscribed for its pro-rata share.
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