Otovo is in advanced discussions with GeRa, a Brazilian distributed energy developer, with aim to create a joint venture targeting residential solar buyers in Brazil. The parties have signed a term sheet defining the principles of a future shareholder agreement; the terms of a platform-as-a-service technology agreement; and an investment agreement in the company. The finalized terms and details of the cooperation are expected to be announced during the first half of 2020. Otovo is expected to hold a minority share in the joint company, and will be provider of technology and platform through its " Otovo Cloud" and " Otovo Installer" software, for which it will charge a platform- as-a-service technology fee. The company is seeing that its technology for selling solar energy systems and organizing distributed energy installers is creating an advantage for it in the European market. The company are now taking this opportunity to cooperate with a an experienced and capable Brazilian partner to explore how to make use of this tech advantage outside core European markets The Brazilian market is well suited for residential solar energy, but still in a infant stage where the potential for growth in tremendous. The company are very excited to explore this opportunity with Otovo, and believe that their technology will give a competitive advantage in Brazil. In addition to Otovo and GeRa, Svein Harald Øygard and Halvard Idland will own shares in the joint venture through Energy Investors AS.