Norway's Otovo Raises USD 40.4 Million for Home Solar and Battery Storage Expansion
The funding round, spearheaded by Norwegian utility A Energi, formerly known as Agder Energi, witnessed significant participation from key players.
November 16, 2023. By News Bureau
Norway-based Otovo ASA announced a successful equity round, raising NOK 450 million (USD 40.4m/EUR 37.9m) from existing shareholders. The company plans to utilize the funds for strategic growth and general corporate purposes.
The funding round, spearheaded by Norwegian utility A Energi, formerly known as Agder Energi, witnessed significant participation from key players, including the Axel Johnson Group, Otovo's largest shareholder. Axel Johnson Group, previously holding 44 percent of Otovo's shares, was allocated shares worth NOK 104 million, emphasizing its continued commitment to the company.
A Energi, contributing over half of the total issue, secured shares amounting to NOK 268 million. The Norwegian government's climate investment fund, Nysno, also played a pivotal role in the funding round.
Otovo CEO Andreas Thorsheim highlighted the strategic importance of the equity raise, stating, "The equity raise allows Otovo to aggressively pursue the opportunities given by an energy market in which the cost of building new solar energy is at an all-time low, traditional energy prices are rising, and consumers are looking for ways to cut their expenses."
In addition to the equity raise, Otovo announced plans to conduct a repair issue of up to 17.4 million shares at the same price. The company also revealed a restructuring of its option program for key employees, aligning with its growth-oriented objectives.
The move comes at a crucial time when the energy market is witnessing a paradigm shift, with the cost of solar energy reaching unprecedented lows and a growing demand for sustainable solutions.
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