Residential solar company Otovo wraps up EUR-35m placement

• European household solar firm Otovo today said it has actually finished an exclusive placement that was numerous times oversubscribed and also brought NOK 358 million (USD 42.3 m/EUR 34.9 m) for the Norway-based firm as well as marketing shareholders.

A lot more especially, Otovo positioned 1.25 million new shares, raising NOK 250 million gross, while existing investors marketed 540,924 existing shares to obtain NOK 108 million.

The placement whetted the cravings of Norwegian, Nordic and also global premium institutional investors. The leading 3 buyers of Otovo supply in the deal were BNP Paribas Energy Transition Fund with NOK 65 million, DNB Asset Monitoring with NOK 60 million, and also Andenaesgruppen with NOK 40 million.

The raised funds will certainly sustain Otovo in implementing its company strategy to reach cash flow break-even levels in geographies where it currently operates. These include Spain, France, Poland, Italy, Sweden and Norway.

Otovo has actually obtained listing of its shares on the Oslo Stock Exchange. Its very first day of trading on Euronext Growth Oslo is anticipated to be February 19.