• Otovo

  Participated · Equity · Nov 2023

  Otovo USA is a Houston, TX–based home power services provider led by CEO John Berger. The company closes the reliability gap by combining real-time equipment monitoring, rapid repairs, dependable power supply, and grid rewards into one seamless service. Its power partner model unites retail electricity, energy service (O&M), and grid trading through a cloud-connected Virtual Power Plant. Offerings encompass solar systems, batteries, standby generators, EV chargers, load managers, and other power generation and management systems. The service is currently available in the Texas market and the company plans to expand across America. Otovo USA raised $4M+ to expand operations and development efforts. Founded in Oslo in 2016, Otovo is a marketplace for residential solar and battery installations active in 13 markets. It uses proprietary technology to analyse a home and an automatic bidding process to find the best price and installer. The company has sold and completed over 20,000 solar energy projects across Europe. Otovo has raised €40M in a private shares placement aimed at providing a path to profitability by growing sales volume, optimising operational costs, and monetising subscription assets. Shares in the placement were allocated to existing shareholders including Axel Johnson Group via AxSol, the Norwegian state climate fund Nysnø, housing developer Obos, and Å Energi. In conjunction with the equity raise the company will carry out a repair issue of up to 17.4 million shares at the same price and restructure its options programme for key employees. Otovo operates a marketplace that sells and installs residential solar panels and batteries, matching homeowners to installers via proprietary technology and an automatic bidding process. The company has sold and completed over 11,000 solar energy projects and is active in 13 markets. Otovo plans to build a large portfolio of solar subscription assets and to own and operate distributed power plants composed of rooftop solar and battery installations. The firm recently raised a mix of debt and equity to finance construction of subscription assets and expand its asset portfolio. Management expects the combined assets to amount to roughly 80–105 MW and for the market cap to be approximately €300 million when the financing is fully utilized. Otovo previously announced an intention to uplist from Euronext Growth to the Oslo Stock Exchange, though that uplisting was postponed due to the recent equity issue. Otovo operates a marketplace for residential and commercial solar and battery installations, using proprietary technology to analyse homes and an automatic bidding process to match customers with installers. The company is currently active in seven European markets and plans to add six more within 12–18 months. It is based in Oslo and has a market capitalization of approximately €200 million. Since 2016 Otovo says it has sold and completed more than 6,000 solar systems across Europe. In Q4 2021 the company reported a 223% year‑over‑year rise in sales and a 173% year‑over‑year increase in revenue. With the new capital the company also plans to uplist from Euronext Growth to the Oslo Stock Exchange within 12 months. Otovo operates a digital platform that sells solar panels, simplifies installations, and compares the costs of dozens of local installers quickly. Founded in 2016, the company buys back any excess energy produced and notes its panels generate clean energy for 25 years. Otovo has grown in Nordic markets and was the winner of the Oslo Innovation Award 2018. The startup plans to use lessons learned in Norway and Sweden to expand further into Europe, targeting sunnier southern markets with higher electricity prices. To support that European expansion, Otovo recently raised €10.5 million from KLP Liv / KLP AksjeNorge and Nysnø. Investors framed the investment as part of a long-term strategy to accelerate the green transition.

• Morrow Batteries

  Participated · Equity · Sep 2023

  Morrow Batteries develops industrial batteries using an LNMO cathode chemistry designed to replace cobalt, reduce nickel and lithium, and maximise use of abundant manganese. The company is led by CEO Lars Christian Bacher and employs 150 battery specialists across four international offices. It is building the Morrow Industrialization Center on the Battery Coast of Southern Norway to support scaling and production. Commencement of production at its first GWh cell factory in Arendal is anticipated early next year. The company intends to use the new funds to continue development of sustainable batteries and to support continued growth and industrialization.

No current team members are available.