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Otovo, Europe's leading marketplace for residential solar, launches in Germany:
o In the span of 12 months Otovo has successfully launched in three new European
markets: Poland (Dec 2020), Italy (Apr 2021), and now Germany (Dec 2021).
o With the German launch, Otovo consolidates its position as Europe's leading
marketplace for solar installations for private households.
o Otovo is now active in seven European markets - Norway, Sweden, France, Spain,
Poland, Italy, and Germany.
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The residential solar market in Germany is one of the largest in Europe and is
expected to be worth more than 2 billion euros annually by 2022. This launch
consolidates Otovo's position as Europe's leading marketplace for solar
installations for private households.
In a time when millions of German households are on the receiving end of
significant price increases from their electricity and gas providers, Otovo
launches in Germany:
"Otovo is the easiest way for homeowners to get solar panels and storage
systems, and thus lower their own electricity bills. By installing a solar
system, a household saves up to 35,000 euros in 20 years as a result of a
reduced electricity bill and selling surplus electricity back to the grid", says
Andreas Thorsheim, CEO of Otovo.
"Since our sales experience is the quickest and most seamless in the market, we
will be making our first sales within a few days and expect to add more than
1,000 new customers in 2022 in Germany. The goal is to achieve a revenue of more
than 100 million euros by 2025", Thorsheim added.
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Otovo also seeks to tap into the large market for residential batteries. This is
expected to drive increased project profitability and will be the third of
Otovo's markets to sell batteries (after Italy and Spain).
"More than 70% of all German solar systems are sold in combination with
batteries. What has happened to the cost of batteries over the past few years is
amazing, and that drives demand. We want to ride the wave of interest that we
now see building up in Germany", says Thorsheim.
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Almost 500 local solar and battery installer companies are connected to the
Otovo platform across Europe. The company uses its proprietary technology to
analyze the potential of any home online, without a home visit and finds the
best price and installer for customers based on an automatic bidding process
between available installers. Customers receive a set offer from the optimal and
most favourable local installer company in just a few clicks.
Otovo is the only independent residential solar provider active throughout
Europe. More than 500 installer companies have been working with Otovo for
several years. Currently, Otovo has helped over 11,000 households in Europe
transition to domestic solar power and is geared towards gaining at least 10,000
additional customers per year in the coming year. Otovo installations create CO2
emissions reductions of 222,000 tonnes per year, and the company objective is to
quadruple this by 2025.
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About Otovo:
Otovo was founded in 2016 by Andreas Thorsheim in Oslo, where the company is
headquartered.
For homeowners, Otovo is the easiest way to get solar panels on the roof. 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.
Presently, Otovo is active in seven European markets - Norway, Sweden, France,
Spain, Poland, Italy, and Germany. Thousands of projects have been completed to
date and Otovo aims to become the number one supplier of residential solar in
Europe.
Follow us on investor.otovo.com for reports, financial calendar, contact
details, and more.