Otovo, based in Norway, secures €40M to expand its solar rent-to-own platform.

Farhan Shabir
By Farhan Shabir 3 Min Read

Otovo (Norway- headquartered ) has secured€ 40mn to expand its rent-to-steal online business for solar panels, as it seeks to cash in on booming demand from homeowners looking to slash their energy bills.

Otovo rents out solar panels and inverters at a fixed yearly cost, which includes all repairs and conservation. The platform, presently available in 13 European countries, uses satellite data and mapping information to calculate how important sun a section of your roof receives and the corresponding energy produced, as well as the size, shape, and specification of suitable rooftop solar products. also, it finds the stylish price and solar installer for the job in your area.

Between 2010 and 2020, the price of solar electricity dropped 89 to become the cheapest energy source in history. As gas prices soar, homeowners are decreasingly looking to solar panels to increase their energy security, cut costs, and boost the value of their parcels. Rooftop solar added 25 GW of capacity in 2022, 8 GW further than in 2021, according to assiduity body SolarPower Europe.

But indeed though solar panels are comparatively cheap, they still present a significant outspoken cost. presently, in the EU it costs roughly€ 10,000 for a photovoltaic system able of feeding to the energy requirements of a 3- 3-bedroom house. Otovo’s rent-to-steal model looks to flatten this fiscal hedge.

The Oslo- grounded company now plans to use the fresh backing to insure its path to reach profitability and to take the number one position in the European domestic solar request, it said.
The round was led by being shareholders Å Energy, Axel Johnson Group, and Nysnø, the Norwegian government’s Climate Investment Fund.
This rearmost rise brings Otovo’s total backing to€ 231mn, according to Crunchbase data. The company went public in 2021 after listing on the Euronext Growth stock exchange.
From the top investors in this rearmost round, Nordic energy mileage Å Energi was allocated shares worth22.4 mn, Axel Johnson Group for€8.7 m, and the state climate fund Nysnø for€2.4 mn.

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