Otovo ASA ("Otovo"/the "Company") has received a notification by Norway's
Financial Supervisory Authority ("FSA") that the FSA has determined that Otovo's
subscription product constitutes financial leasing from a financial regulatory
perspective, which triggers a licensing requirement under the Norwegian
Financial Undertakings Act. The FSA has considered the matter since May 2020,
when Otovo submitted a request for an interpretive opinion. The decision will
not have any negative consequences for existing customers of the Company.
"Otovo disagrees with the FSA's legal interpretation and decision and will
likely file an appeal to the Ministry of Finance. At the same time, we will
explore solutions to modify our product or align with the requirements from the
FSA," said Andreas Thorsheim, CEO of Otovo.
The Company's current assessment is that the FSA ruling will not have any
material impact on the Company's financial results, its European product
offering going forward, or the possibility of monetizing the Norwegian portfolio
of assets.
"Otovo is currently operating in 13 markets and is striving to provide
innovative and sustainable solutions to our valued customers within the relevant
financial, utility and safety regulations," said Thorsheim.
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Disclosure Regulation
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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About Otovo: For homeowners, Otovo is the easiest way to get solar panels on the
roof, and batteries in the home. Otovo is a marketplace that organizes hundreds
of local, high quality and qualified 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.
Follow us on investor.otovo.com for reports, financial calendar, contact details
and more.
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