Solar Marketplace Otovo Powers Up German Presence

Norwegian solar marketplace firm Otovo has started operations in Germany. That takes the country count to 7 for the firm launched in 2016 to make solar rooftop installations an easier task for customers.

Otovo claims that over 500 installer companies work with Otovo in Europe. These companies select which types of solar systems they want to implement, and they do not have to commit to any capacity commitment. As a direct contractual partner of the end customers, Otovo is also responsible for the maintenance and warranty of the systems, according to the company. More than 11,000 customers in Europe have been a part of the Otovo installed base till date. More than 8,000 solar systems have already been installed on private households under the mediation of Otovo. In its Q3 results, Otovo recirded turnover of just over $9.5 million USD, a 192% increase over the corresponding quarter last year.

Otovo was founded in January 2016 by Andreas Thorsheim. Otovo is now represented in seven European countries, including Germany, Sweden, Norway, France, Poland, Spain and Italy. Otovo expects more than 1,000 new customers in 2022. The goal is to achieve a turnover of more than 100 million euros in Germany alone by 2025. And at the same time to bring the solar energy increasingly on Germany’s roofs and to enable the low threshold that the energy transition needs. With Germany targeting 80 percent power from renewable sources including solar by 2030, the pathway to growth is clear to Otovo and its likes.

US Residential Solar Financier GoodLeap Raises $800m

Also Read

Company co-founder Andreas Thorsheim has been on record saying that they expect five million homes to go solar by 2024. Market growth will be driven by declining costs of solar panels and the European Union’s homogenizing of regulations for people to connect into the grid, he said.

The Otovo model makes more sense as solar costs drop, as hardware costs will become secondary to the quality of installation and other services needed for a high performing system. In many markets, the breakup between hardware costs and service costs have already gone past 50/50, with the ‘softer’ costs in the ascendance.

Renewable Energy Marketplace LevelTen Raises $35 Million Series C Funding

Also Read