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    OTOVO   NO0010809783

OTOVO ASA

(OTOVO)
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Otovo : completes 2000th sale on marketplace model in France, surpasses sales and installations of 2021

08/10/2022 | 05:07am EDT
Otovo completes 2000th sale on marketplace model in France, surpasses sales and installations of 2021
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10 Aug 2022 11:00 CEST

Company Name

OTOVO ASA

ISN

NO0010809783

Market

Euronext Growth

Symbol

OTOVO

In the last week of July, the French Otovo team made its 2000th sale after the
transition to the marketplace model, and only 6 months after the 1000th sale, a
clear indication of the successfully accelerating growth of Otovo in France.

Otovo acquired the French residential solar player In Sun We Trust (ISWT) in
March 2019, making France its third market after Norway and Sweden. Initially
operating on a broker model, ISWT was integrated into Otovo and changed to the
same marketplace model that is used in all 10 Otovo markets today. The Otovo
model automates installers' bids for customer projects, giving customers the
most affordable offer available, instantly.

Jean Rosado took over the General Manager role in May 2021, and the company has
since seen strong growth and improvements in profitability. He remarks on the
important milestone:

- I am very proud of what my team has achieved in such a short period of time.
The marketplace model has proven to be highly effective in France, allowing us
to ramp up our sales rate over this last year. French homeowners want to protect
themselves from the rising energy costs they see that other European countries
are struggling with. They increasingly see solar as the best way to do that.
Many customers are also motivated by contributing to fight climate change, to
increase European energy independence and remove reliance on imported fossil
fuels.

Unlike the majority of Europeans, French households have thus far been shielded
from the energy crisis through state subsidies in the form of price caps on gas
and electricity, energy vouchers and reduced taxes. The French government is
expected to spend 38 billion euros in measures to counter rising prices,
according to Brussels-based think tank Bruegel. Uncertainty about when and how
much prices will increase affects consumer-sentiment in France.

- France is the sleeping giant of the European residential solar scene. It's
rising from its slumber now, says Otovo CEO, Andreas Thorsheim.

- Jean and his team have now ensured that an additional two thousand French
households will get solar panels installed on their roofs, reducing their energy
bills for decades to come, and increasing their energy independence, he adds.

In total across all markets, Otovo continues to grow on the trajectory to become
the #1 residential solar player in Europe. As of July 18th and August 1st,
Otovo had respectively sold and installed more systems in 2022 than in all of
2021.

- We keep demonstrating Otovo's ability to build scale in continental Europe,
says Thorsheim.

***

About Otovo: For homeowners, Otovo is the easiest way to get solar panels on the
roof, and batteries in the home. Otovo is a marketplace that organises hundreds
of local, high quality and qualified energy installers. The company uses its
proprietary technology to analyse the potential of any home and finds the best
price and installer for customers based on an automatic bidding process between
available installers.

Follow us on investor.otovo.com for reports, financial calendar, contact details
and more.

More information:
Access the news on Oslo Bors NewsWeb site

Source

Otovo ASA

Provider

Oslo Børs Newspoint

Disclaimer

Otovo AS published this content on 10 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2022 09:06:05 UTC.


© Publicnow 2022
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Financials
Sales 2022 648 M 61,1 M 61,1 M
Net income 2022 -307 M -28,9 M -28,9 M
Net cash 2022 139 M 13,1 M 13,1 M
P/E ratio 2022 -10,6x
Yield 2022 -
Capitalization 3 312 M 316 M 312 M
EV / Sales 2022 4,89x
EV / Sales 2023 2,64x
Nbr of Employees 149
Free-Float 76,1%
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Number of Analysts 1
Last Close Price 24,65 NOK
Average target price 43,00 NOK
Spread / Average Target 74,4%
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Managers and Directors
Andreas Egge Thorsheim Chief Executive Officer
Petter Ulset Chief Financial Officer
Peter Mellbye Chairman
Michal Karnibad Chief Operating Officer
Pål Karsten Røed Brun Director
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