Otovo and In Sun We Trust Merge to form European solar growth rocket
Scandinavian and French solar energy startups merge to bring together the best technologies for putting solar panels on homes all over Europe.
While having grown to a dominant position in its home markets in Scandinavia, Otovo has raised a total of €20 million to build a European solar energy sales platform. Now the Scandinavians are joining forces with the French solar tech sensation In Sun We Trust (ISWT).
A new champion
The two companies will form a company of 65 employees and have offices in Paris, Stockholm and Oslo. The companies have closed thousands of solar sales and are experiencing strong growth in their respective markets. Their joint platform will include more than a hundred installer companies in Norway, Sweden and France.
-- We aim to build the number one solar retailer in Europe. By joining forces we accelerate that journey, says Otovo CEO Andreas Thorsheim.
ISWT has been incubated in the Institut Géographique National in Paris the last three years. It has developed a groundbreaking technology to simulate solar panel benefits for residential rooftops based on satellite data, and an efficient online process for guiding homeowners from interest through contract signing to physical installation. ISWT has entered agreements with a multitude of local governments in France who provide solar maps for their residents and use ISWT’s platform. ISWT is a highly trusted brand with top customer ratings and a solid influx of interest on its site, www.insunwetrust.solar.
-- The technology fit of these two companies make us even more confident than we were before that we will be able to grow fast in France and later in more countries in Europe. ISWT has a good grasp of the French solar consumer, and a good base of quality installers on our platform. Otovo provides technology to manage the installers in a good way. Together this can be rather potent in capturing market share, says founder and CEO of ISWT, David Callegari.
The three founders of In Sun We Trust, David Callegari (39), CEO; Matthieu Bourgeon (35), CTO; and Nicolas Bodereau (40), COO, will continue managing the French market and operations, and together with Otovo’s current Scandinavian management group form the joint management of the merged company. The current brand names will be kept in each market. The joint company is currently valued at approximately €64 million based on the last NOTC trade and the minimal settlement value.
The transaction will be proposed for Otovos general meeting shortly.
Photo above: In Sun We Trust's solution at work in the Nantes Metropolitan area, helping home owners calculate their solar potential and possible savings.