Q1 2022 report and presentation

Facing skyrocketing power prices and increased energy insecurity, homeowners have turned to solar power. Demand growth is close to vertical. This is good for solar and excellent for Otovo’s growth ambitions.

Andreas Thorsheim, CEO

Quarterly highlights

  • All time high sales: 2,541 sold projects in Q1, up 212% YoY
  • Best installation quarter ever: 1,459 installations in Q1 up 120% YoY, an annual run-rate of ~6,000 projects
  • Battery boost: One in four sales this quarter included a battery - double the rate from Q4
  • Leasing share of sold installations in the quarter 23%, increasing profitability per customer
  • Cash position of NOK 445m out of Q1 22, up from NOK 224m in Q4 21
  • World-class GMs recruited for the launches in Portugal and UK
  • Installer network expanded by 25% to meet increased demand and secure installation of the pipeline