Otovo raised capital investment from Axel Johnson in a $20M deal.
Otovo, an Oslo, Norway-based solar energy company, announced the completion of a NOK 177M ($19.5M) investment deal.
The agreement was made with Swedish trade and services group Axel Johnson, which led a capital investment round of NOK 150M ($16.5M) and acquired secondary shares in order to reach its targeted investment level of NOK 177 million. Existing investors participated in the capital investment round together with Axel Johnson.
The post-money valuation of the company will be approximately NOK 806 million ($89M.)
Otovo, founded in 2015 by CEO Andreas Thorsheim, Simen Jørgensen and Andreas Bentzen, built a platform for distributed energy installers and is focused on residential solar energy systems. The company is active in Norway, Sweden, France and Spain and aims at further geographic expansion.
Otovo has previously raised $23M in equity.