Otovo cutting staff by 46% amid market slowdown

Norway-based home solar and battery storage installation marketplace Otovo ASA (OSE:OTOVO) has launched a new cost programme involving significant staff reduction to bring costs in line with activity levels.

The company plans to reduce the number of its employees by around 46% to around 200 from 366.

The programme aims to deliver between NOK 200 million (USD 18.9m/EUR 17m) and NOW 225 million in annual savings, including NOK 150 million from job cuts. Most of the departures will occur in the coming weeks, the company said in a recent statement.

“These are necessary reductions in cost levels to bring the company to profitability in the current market environment,” said CEO Andreas Thorsheim.

“Combining the ongoing portfolio sale and the improvements we have done in partnerships, hardware offerings and sales method over the last year improve our robustness for 2025,” the CEO added.

Otovo's platform helps customers purchase and install solar, batteries, energy management systems and electric vehicle (EV) chargers.

The job cuts come as some European solar markets have slowed down after strong demand in the wake of the energy crisis, although a fall in solar installation costs is supporting profitability amid tougher financial conditions for homeowners and lower electricity prices in some regions.

(NOK 1 = USD 0.094/EUR 0.085)

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