Module marketplace Otovo launches in Germany as it continues European expansion

Otovo’s platform analyses the solar and storage potential of homes. Image: SunPower.

Norwegian module marketplace company Otovo has launched in Germany, with the company expecting 1,000 new customers over the next year.

Otovo, which is also eyeing an expansion into two more European countries by 2023, has set itself a goal of generating more than €100 million (US$113 million) in revenue by 2025.

“Otovo is the easiest way for homeowners to get solar panels and storage systems, and thus lower their own electricity bills,” said Christian Rahn, general manager of Otovo in Germany.

“By installing a solar system, a household saves up to €35,000 (US$39,500) in 20 years as a result of a reduced electricity bill and selling surplus electricity back to the grid.”

Nearly 500 solar and battery energy storage system companies are connected to Otovo across Europe. It analyses the potential of homes via its proprietary technology and identifies the lowest price and best installer for consumers without the need for a home visit.

The company anticipates revenues to grow by 100% in 2021, to €29 million (US$32.8 million). Its Q3 results showed revenue was up 192% and gross profit was up 149% year-on-year, while the company’s pipeline value was up 270%.

“We saw daily, weekly and monthly sales records shattered repeatedly in all our markets, and the quarter as a whole was our best to date,” said Otovo CEO Andreas Thorsheim.

“In September alone we sold 750 systems, equating to a speed of 9,000 sales per year. In terms of installations, we delivered more than ever, showing Otovo’s ability to scale according to plan.”