Otovo will raise 150 million kroner in equity in an investment round led by Axel Johnson.
Axel Johnson, Otovo and Otovo’s founders have reached an agreement that Axel Johnson will invest 177 million kroner in Otovo at kr 95 per share.
– We strongly believe in the central role solar energy will play in the energy systems of the future. Otovo fits perfectly into our investment thesis, given that the company helps households adopt solar fast and easy, using technology that helps bring down cost to the consumer, says Stina Andersson, COO at Axel Johnson.
Otovo is an Oslo based platform for distributed energy installers and is focused on residential solar energy systems. The 3.5 year old company is present in Norway, Sweden, France and Spain and aims at further geographic expansion.
– For Otovo the endorsement from one of Europe’s most forward leaning retail groups and the additional funds means added confidence that we are about to build the European leader in residential solar energy, says Andreas Thorsheim, CEO and founder of Otovo.
Otovo will issue 150 million kroner in an equity raise that is fully subscribed by Axel Johnson and existing shareholders. In addition to newly issued shares, Axel Johnson will also buy shares from existing owners to achieve the total investment of SEK 177 million. The post-money valuation of the company will be approx. 806 million Norwegian kroner. Otovo has previously raised 200 million Norwegian kroner in equity.
The agreement has been approved by Axel Johnson’s and Otovo’s respective boards of directors, and a new shareholder agreement has been accepted by the necessary 95% of shareholders to enter into effect.