*Highlights*
- Successful launch of Portugal, Austria and the UK. Sales in all three
countries
- Countries will positively impact sales in Q4 and bring revenues from Q1 next
year
- Jina Kwon (former Ankorstore, Bookatable, Groupon) signed as General Manager
for UK


*Three successful launches*
Otovo announced in February that the company would launch six new markets in
2022. With first sales recorded in Portugal, Austria and the UK, the first three
of these countries are now successfully launched on time and budget. Between
them, these countries represent an addressable market of 250,000 residential
solar installations next year. As Otovo rapidly establishes its presence we
expect the markets to meaningfully impact sales from Q4 this year and revenues
from Q1 next year.

CEO of Otovo, Andreas Thorsheim, remarks:
- Launching three countries in parallel is ambitious, but we have been able to
set up great local organizations in a very short time led by our lean central
launch team. Europeans are unanimous in their choice of solar as a major remedy
to the current energy crisis. 

- I'm happy to see that in all three markets, customers are buying solar panels
with high battery attachment rates and that many are choosing a subscription
purchase model. This increases the value both for the customer and for Otovo, he
adds. 


*Attracting top talent*
The Portuguese business has been headed by Manuel Pina, former head of Uber
Portugal, since May of this year.

Today, Otovo announces that Jina Kwon will lead the company's UK business,
taking on the role of General Manager in September of this year. She is a
seasoned executive, having held management positions at international digital
marketplaces for more than 15 years. Before joining Otovo, Kwon was the UK
Country Manager for Ankorstore, the marketplace for independent retailers,
recently valued at USD 2 billion after its Series C. Prior to this, she was a
Managing Director for France and Spain at Bookatable, Head of Business
Development at OneLane, and held director positions at Groupon and Mergermarket.


Leading Portugal and the UK, Pina and Kwon will report to Otovo's Managing
Director for Western Europe, Inigo Amoribieta, who remarks on the signing of
Kwon:
- Jina will be a great addition to our group of General Managers. She brings
managerial experience from great marketplace companies. I look forward to
working with her in scaling up Otovo in the UK, using the playbook from our
other successful market entries.    
 

***

About Otovo: Otovo was founded in Norway in 2016 and is a marketplace for solar
installations. For homeowners, Otovo is the easiest way to get solar panels on
the roof, and batteries in the home. Otovo's marketplace 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.

Please visit otovo.com for more information. 

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