Otovo achieves the 2000th sale with its marketplace model in France

Otovo acquired French residential solar player In Sun We Trust (ISWT) in March 2019, making France its third largest market after Norway and Sweden.

Initially operating on a broker model, ISWT was integrated into Otovo and transitioned to a marketplace model similar to that used across Otovo's 10 marketplaces today. The Otovo model automates the comparison of installer quotes for customer projects, allowing customers to get the best deal available, instantly.

Jean Rosado took over as CEO in May 2021, and the company has since seen strong growth and improved profitability. He comments on this important step: “I am very proud of what my team has accomplished in such a short time. The marketplace model has proven to be very successful in France, allowing us to accelerate our pace of sales over the past year. French homeowners want to hedge against rising energy costs they are seeing in other European countries. They increasingly see solar power as the best way to achieve this. Many customers are also motivated by the desire to contribute to the fight against climate change, to increase Europe's energy independence and to no longer depend on imported fossil fuels. »

Unlike the majority of Europeans, French households have so far been shielded from the energy crisis by public subsidies in the form of gas and electricity price caps, energy vouchers and tax cuts. According to Brussels-based think tank Bruegel, the French government should spend 38 billion euros on measures to counter rising prices. Uncertainty about the timing and magnitude of the price hike is affecting consumer confidence in France.

For Andreas Thorsheim, CEO of Otovo: “France is the sleeping giant of the European residential solar scene. She is coming out of her sleep. Jean and his team have ensured that two thousand additional French households can benefit from the installation of solar panels on their roofs, thus reducing their energy bills for decades to come, and increasing their energy independence. »

Overall, across all markets, Otovo is continuing to grow with a view to becoming the leading residential solar player in Europe. As of July 18 and August 1, Otovo respectively sold and installed more systems in 2022 than in all of 2021.

“We continue to demonstrate Otovo's ability to scale in continental Europe,” says Andreas Thorsheim.