Oslo, 1 December 2023: Reference is made to the stock exchange notice by Otovo
ASA ("Otovo" or the "Company") on 9 November 2023 regarding the conditional
completion of a private placement of 130,434,782 new shares at a subscription
price of NOK 3.45 per share (the "Offer Price"), raising gross proceeds of
approx. NOK 450 million (the "Private Placement"). Reference is further made to
the resolution by the Company's extraordinary general meeting held today, 1
December 2023, to increase the Company's share capital by issuance of the new
shares in the Private Placement.

The following close associates of Otovo's primary insiders have been allocated
shares in the Private Placement at the Offer Price:

-  Å Energi Invest AS, a close associate of board member Tor Øystein Repstad,
has been allocated 77,620,908 shares