This new idea saw great interest from existing investors, especially from Axel Johnson, followed by Agder Energy Ventures, Akershus Energi and more, according to EU-Startups.

Otovo is one of the leaders when it comes to bringing more solar panels to homes in Europe and in order to strengthen their position on the continent, they acquired In Sun We Trust, a French solar panel based startup back in 2019.

In order to provide the best services for their customers, the company analyses in detail each home to ensure the best and most cost effective way of installing a solar panel for the respective household. To do this, they work on an automatic bidding process between available installers.

This way they've managed to secure over 12.000 customers and expect to draw about as much in 2022.

Andreas Thorsheim, Chief Executive Officer at Otovo said that "we are increasingly confident in our ability to launch in new markets, Poland, Italy and Germany were launched in 12 months. We are present in seven countries, and have six to eight additional attractive markets in our sights for the next year, year-and-a-half."

The raised funds will be used to complete more projects in Europe, thus strengthening Otovo's position as a leader in this segment and making clean energy more accessible to potential customers.

The Oslo-based company has a market capitalization of about €200 million and is present in seven countries in Europe, including France, Germany, Spain and Sweden.