Residential solar and storage installation company Otovo of Norway has got listed on the Oslo Stock Exchange (OSE), after its listing on Euronext Growth Oslo in 2021. This uplisting follows on the news of the company having raised €125 million in debt and equity financing in January 2023.
Euronext Growth is a marketplace to help companies raise capital on its regulated markets in Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris. Moving on from this platform to a national stock exchange represents the maturity and growth a company has achieved. Euronext counts Otovo's transfer to OSE as the 1st transfer between Oslo Børs in 2023.
Otovo's share price was fixed at NOK 15.62/share, representing an estimated market capitalization of NOK 2.3 billion, according to Euronext.
Homeowners can use Otovo's platform to assess the potential of their roof and get offers for buying or renting solar systems with or without battery storage systems through a network of installers. Founded in 2016, Otovo is now operating in 13 European markets, including Norway having sold and completed more than 11,000 residential solar projects. It entered the markets of Belgium, the Netherlands and Switzerland in Q4/2022 after launching into Portugal, Austria and the UK.
It now plans to 'focus on efficiency at scale, getting more panels and batteries out more cheaply', said Norwegian firm's Founder and CEO Andreas Thorsheim.
"Today's event marks Otovo's entry to the big leagues," added Thorsheim, stating, "Following a year of records for solar energy and green subsidy packages to consumers being strengthened across Europe, the timing for uplisting is perfect."
The company says uses its proprietary technology to analyze the potential of any home which it believes differentiates its business model from peers.