December 2 (Renewables Now) - Norwegian solar platform Otovo said on Friday it has raised NOK 177 million (USD 19.2m/EUR 17.4m) in an investment round that will help it expand its residential offerings.
The Oslo-based startup said on Friday that the financing transaction included an equity issue worth NOK 150 million, with some NOK 123 million worth of primary shares sold to Swedish trade and services group Axel Johnson. Otovo’s other existing shareholders spent NOK 27 million to get new shares, while Axel Johnson also subscribed for secondary shares that lifted the total raised amount to NOK 177 million.
Set up in 2016, Otovo has designed a portal for distributed solar energy installers and homeowners that facilitates the photovoltaic (PV) system installation. The platform is currently active in Norway, Sweden, France and Spain. According to the press release, its post-money valuation is around NOK 806 million.
Axel Johnson’s investment is in line with the expansion of its earlier stage investments among which was its acquisition of solar power purchase agreement (PPA) provider Eneo, which operates over 40 assets for large companies and the public sector. The deal was completed in June 2019. The group’s chief operating officer Stina Andersson noted that the investment in Otovo “fits perfectly” into its strategy.
(NOK 1.0 = USD 0.109/EUR 0.099)