Otovo secures $11.4M capital investment in a series B funding led by Nysnø and KLP.
Otovo, an Oslo, Norway-based startup providing solar energy solutions, announced the completion of a €10M ($11.4M) series B capital funding
The round was led by Nysnø and KLP, and included existing shareholders Agder Energy Ventures, Akershus Energy, and OBOS.
Otovo, founded in 2015 by CEO Andreas Thorsheim, Simen Jørgensen and Andreas Bentzen, enables homeowners to get tailor made, instant quotes for solar panels on their roofs, while hosting a marketplace with hundreds of installers who algorithmically bid for the projects generated. The Norway-based distributed energy sales and installer platform currently covers Norway and Sweden and will use the current funding round to expand to more European countries.
In Europe, an estimated 5 million homes will install solar panels in the coming five years, according to data from Solar Power Europe. Solar PV systems have gained attractiveness as the EU has removed tariffs on Chinese imports and set more ambitious renewable energy targets this year, triggering liberalization of solar installation regimes and improved subsidy schemes in several European countries in 2018.
Payback times for solar PV systems on European homes have come down drastically the last few years. In many regions, homeowners can expect to have their money back in 7-8 years or less, and then get energy for free for decades as solar panels typically last 30 years or more.
Prior to this, Otovo raised more than $10M in venture money.