Otovo has sold its 34% stake in Brazilian solar platform Holu to Gera Brasil
Tecnologia Ltda. (Gera), the majority shareholder of the joint venture. The
partnership between Otovo and Holu will continue by Holu using Otovo's Cloud
software as a key part of its business model. 

The price obtained is equal to the injected capital since 2019, plus an
additional 5 percent. This will not have a material effect on Otovo's P&L, but
does affect the cash position positively with approx. NOK 22 million (EUR 2.1
million) on settlement. 

Otovo will continue to provide Otovo Cloud software to Holu in 2023 and 2024,
with the possibility to extend further. The deal is expected to bring revenues
of NOK 1.2-1.5 million in 2023-2024, comparable to the average revenue from
previous years (2020-2022). 

Otovo's CEO, Andreas Thorsheim remarks: 
- I wholeheartedly support the continued progress of Holu in the Brazilian
market, and view this transaction as the natural next stage of Holu's journey.
After our multiple country launches this year, focusing on the European market
makes sense for us, devoting all our time and resources to strengthening our
position here.     

- Holu has proven that Otovo's partners can build businesses using the Otovo
Cloud software as the foundation for sales of solar and battery systems. The
same technology we used for the Holu partnership is currently powering the new
channel partnerships we are doing with energy companies, DIY stores and
retailers in Europe. Better online tools simply sell more solar and battery
systems, says Thorsheim.


Carlos Gros, Partner in Gera says of the transaction:        
- We're happy to have increased our stake in Holu, and strongly believe that the
company is set up for success in the Brazilian residential solar market. Using
Otovo Cloud, we will sell thousands of solar installations with an efficiency,
structure and customer experience that would not be possible using traditional
tools.  


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About Otovo: For homeowners, Otovo is the easiest way to get solar panels on the
roof, and batteries in the home. Otovo is a marketplace that organises hundreds
of local, vetted, high quality energy installers. The company uses its
proprietary technology to analyse the potential of any home and finds the best
price and installer for customers based on an automatic bidding process between
available installers.

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