Following a record breaking 2022 for the European solar market, residential solar company Otovo has uplisted from trading on Euronext Growth Oslo to the Oslo Stock Exchange’s Main List (OSE). The milestone was celebrated by representatives from all of Otovo’s European markets, in addition to founder and CEO Andreas Thorsheim.
— Almost to the day seven years after launching a shabby web site to sell solar panel installations more easily in Norway, we stand here with a massive operation that helps hundreds of Europeans go solar every week. I could not be prouder of the people of Otovo that have taken us here, and I am excited about the future we are building for energy in Europe, he says.
Otovo’s entry on the Oslo Stock Exchange follows a year of rapid expansion and growth. The company entered six new markets with a combined addressable market of 1.5 million residential solar installations per year, bringing Otovo’s footprint to 13 European markets.
The OSE entry comes on the heels of the company’s recently announced debt and equity financing package of EUR 125 million. From its first pre-seed round in February 2016 Otovo has raised EUR 120 million in equity and EUR 100 million in debt.
— In 2022 wind and solar overtook fossil gas in the EU electricity market for the first time. 47 per cent more solar was added than in 2021 and Otovo grew at four times that pace. We see green subsidy packages to consumers being strengthened across many markets, enhancing a trend where solar energy sets records every year in Europe, Thorsheim remarks.
— Today’s event marks Otovo’s entry to the big leagues. We enter a stage where we will focus on efficiency at scale, getting more panels and batteries out more cheaply, to the benefit of consumers, energy markets and our investors, says Thorsheim.
The last day of trading on Euronext Growth Oslo was February 13th and the first day of trading on the Oslo Stock Exchange’s Main List is February 14th.
