Otovo AS
Otovo AS
12/02/2021 | Press release | Distributed by Public on 12/02/2021 00:32
Otovo launches in Germany
Tid02.12.2021, 06:30:00
MeldingsID548336
UtstederIDOTOVO
InstrumentOTOVO
MarkedEuronext Growth (Oslo)
Andre språk
Korrigerte versjoner
KategoriIKKE-INFORMASJONSPLIKTIGE PRESSEMELDINGER
Vedlegg
Del melding
Otovo launches in Germany
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Otovo, Europe's leading marketplace for residential solar, launches in Germany:
• 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).
• With the German launch, Otovo consolidates its position as Europe's leading marketplace for solar installations for private households.
• Otovo is now active in seven European markets - Norway, Sweden, France, Spain, Poland, Italy, and Germany.
***
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.
***
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.
Otovo, Europe's leading marketplace for residential solar, launches in Germany:
• 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).
• With the German launch, Otovo consolidates its position as Europe's leading marketplace for solar installations for private households.
• Otovo is now active in seven European markets - Norway, Sweden, France, Spain, Poland, Italy, and Germany.
***
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.
***
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.
***
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.
***
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.