OSLO, NORWAY: Otovo has sold its 34% stake in Brazilian solar platform Holu to Gera Brasil Tecnologia, 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.”