About Otovo
Otovo is a company based in Oslo (Norway) founded in 2016 by Simen Fure Jorgensen and Andreas Thorsheim. It operates as a Two-Sided Marketplace. The company has 149 employees as of December 31, 2021. Otovo offers products and services including Solar Panels and Home Batteries. Otovo operates in a competitive market with competitors including Hanwha, Pennar, GCL Technology Holdings, Astronergy and Mona Lee, among others.
- Headquarter Oslo, Norway
- Employees 149 as on 31 Dec, 2021
- Founders Simen Fure Jorgensen, Andreas Thorsheim
- Stage Public
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Sectors
Energy & Utilities
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Phone
*********
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Website
*********
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Social
*********
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Annual Revenue
$103.59 M (USD)68as on Dec 31, 2023
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Net Profit
$-36.48 M (USD)-24as on Dec 31, 2023
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EBITDA
$-36.96 M (USD)-22as on Dec 31, 2023
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Latest Funding Round
$4 M (USD), Post-IPO
Sep 08, 2025
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Investors
KLP
& 4 more
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Employee Count
149
as on Dec 31, 2021
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Products & Services of Otovo
Otovo offers a comprehensive portfolio of products and services, including Solar Panels and Home Batteries. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Solar panels are provided for residential energy solutions.
Home batteries are offered for energy storage needs.
Funding Insights of Otovo
- Total Funding Total Funding
- Total Rounds 3
- Last Round Post-IPO — $4.0M
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First Round
First Round
(22 Feb 2022)
- Investors Count 5
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Sep, 2025 | Amount | Post-IPO - Otovo | Valuation |
investors |
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| Nov, 2023 | Amount | Post-IPO - Otovo | Valuation |
investors |
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| Feb, 2022 | Amount | Post-IPO - Otovo | Valuation | Axel Johnson |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Otovo
Otovo has secured backing from 5 investors, including institutional and venture fund investors. Prominent investors backing the company include KLP, Akershus Energi and A Energi. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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A diversified group of companies is owned and operated by Axel Johnson Inc.
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Founded Year | Domain | Location | |
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Provides renewable energy production and services for private and business customers.
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Founded Year | Domain | Location | |
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Offers long-term investments in projects that reduce emissions and promote green shifts.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Otovo
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
|
2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Otovo
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Otovo Comparisons
Competitors of Otovo
Otovo operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Hanwha, Pennar, GCL Technology Holdings, Astronergy and Mona Lee, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Manufacturer of solar cells, modules, and other related components
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| domain | founded_year | HQ Location |
Precision-engineered products and building solutions are manufactured.
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| domain | founded_year | HQ Location |
Poly silicon and wafer products are manufactured by the company.
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| domain | founded_year | HQ Location |
Solar PV modules are manufactured by Astronergy in Haining, China.
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| domain | founded_year | HQ Location |
Solar photovoltaic modules are supplied for energy applications.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Otovo
Frequently Asked Questions about Otovo
When was Otovo founded?
Otovo was founded in 2016 and raised its 1st funding round 6 years after it was founded.
Where is Otovo located?
Otovo is headquartered in Oslo, Norway. It is registered at Oslo, Oslo, Norway.
Who is the current CEO of Otovo?
Andreas Thorsheim is the current CEO of Otovo. They have also founded this company.
How many employees does Otovo have?
As of Dec 31, 2021, the latest employee count at Otovo is 149.
What is the annual revenue of Otovo?
Annual revenue of Otovo is $103.59M as on Dec 31, 2023.
What does Otovo do?
Otovo is established as a prominent marketplace for residential solar energy across Europe. The company connects homeowners with a network of vetted local energy installers. Proprietary technology is utilized to analyze home potential and provide instant project offers. Operating in multiple European countries, thousands of solar projects have been sold and completed. Sectors served include renewable energy with a focus on solar solutions and energy storage through home batteries. The mission is centered on promoting local and clean energy in neighborhoods.
Who are the top competitors of Otovo?
Otovo's top competitors include Pennar, SINTEF and Astronergy.
What products or services does Otovo offer?
Otovo offers Solar Panels and Home Batteries.
Who are Otovo's investors?
Otovo has 5 investors. Key investors include KLP, Akershus Energi, A Energi, Axel Johnson, and Nysno.