Otovo has successfully converted the massive influx of customer interest to sales during the last quarter of the year, and starts 2022 with an unprecedented book of projects – 7.2 times bigger than the pipeline a year back – to be installed in the first half of the year ahead.
– It’s a tsunami of projects. We have as many projects ordered and awaiting installation now as we installed in all of 2020. European consumers have turned to solar energy and batteries when the energy price crisis hit, says Andreas Thorsheim, CEO of Otovo.
Otovo is a marketplace for solar and battery installations with offices in Oslo, Stockholm, Paris, Madrid, Warsaw, Milan and Madrid. The company organizes hundreds of local, high-quality energy installers. The company uses its proprietary technology to analyze the potential of any home and finds the best price and installer for customers based on an automatic bidding process between available installers.
During the fourth quarter of 2021 sold 2,066 sold projects, up 223% from the same period the year before, and equivalent to an annual run-rate of ~8,000 projects. As a consequence, the pipeline of projects awaiting installation was 7.2 times higher than the same time a year back, totalling NOK 280m (EUR 28m) and amounting to 2,515 residential projects.
The company did 1,209 installations in the fourth quarter up 96% since the year before, equivalent to an annual run-rate of ~5,000 projects
The Oslo-based company reported Revenue generated up 173% YoY to NOK 109m (EUR 11m), and Gross profit generated up 195% YoY to NOK 21.5m (EUR 2.2M) (19.9% profit margin). Otovo ended the quarter with NOK 224m (EUR 22.4m) cash on hand, up NOK 17m (EUR 1.7m) from the previous quarter, mainly due to the acquisition of European Distributed Energy Assets.
