In the last week of July, the French Otovo team made its 2000th sale after the
transition to the marketplace model, and only 6 months after the 1000th sale, a
clear indication of the successfully accelerating growth of Otovo in France.

Otovo acquired the French residential solar player In Sun We Trust (ISWT) in
March 2019, making France its third market after Norway and Sweden. Initially
operating on a broker model, ISWT was integrated into Otovo and changed to the
same marketplace model that is used in all 10 Otovo markets today. The Otovo
model automates installers' bids for customer projects, giving customers the
most affordable offer available, instantly.  

Jean Rosado took over the General Manager role in May 2021, and the company has
since seen strong growth and improvements in profitability. He remarks on the
important milestone:


- I am very proud of what my team has achieved in such a short period of time.
The marketplace model has proven to be highly effective in France, allowing us
to ramp up our sales rate over this last year. French homeowners want to protect
themselves from the rising energy costs they see that other European countries
are struggling with. They increasingly see solar as the best way to do that.
Many customers are also motivated by contributing to fight climate change, to
increase European energy independence and remove reliance on imported fossil
fuels. 

Unlike the majority of Europeans, French households have thus far been shielded
from the energy crisis through state subsidies in the form of price caps on gas
and electricity, energy vouchers and reduced taxes. The French government is
expected to spend 38 billion euros in measures to counter rising prices,
according to Brussels-based think tank Bruegel. Uncertainty about when and how
much prices will increase affects consumer-sentiment in France. 

- France is the sleeping giant of the European residential solar scene. It's
rising from its slumber now, says Otovo CEO, Andreas Thorsheim.  

- Jean and his team have now ensured that an additional two thousand French
households will get solar panels installed on their roofs, reducing their energy
bills for decades to come, and increasing their energy independence, he adds.

In total across all markets, Otovo continues to grow on the trajectory to become
the #1 residential solar player in Europe.  As of July 18th and August 1st,
Otovo had respectively sold and installed more systems in 2022 than in all of
2021. 

- We keep demonstrating Otovo's ability to build scale in continental Europe,
says Thorsheim.

***

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, high quality and qualified 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.

Follow us on investor.otovo.com for reports, financial calendar, contact details
and more.