Otovo announces major restructuring and significant job cuts
In a stock market filing, Otovo disclosed plans to reduce its workforce from 213 to 125 employees, eliminating 88 roles. The reductions affect several senior positions, including CFO Petter Ulset, Revenue Director Fabio Stefanini, and Marketing Director Sasha Berson. The move is described as part of a broader strategy to reshape Otovo’s business model to better compete in the evolving rooftop solar market.
What the cuts mean for Otovo’s business
Otovo, which specializes in selling solar panel solutions and batteries for rooftop installations, expects to realize cost savings of around NOK 80 million from the headcount reduction. Additionally, the company anticipates annual cost reductions of NOK 30–40 million as part of the restructuring. A central element of the strategy is a shift away from in-house sales and installation of solar solutions; installation work will be handled by external partners going forward. The company states that it will operate under a new organizational setup aligned with the revised strategy.
A move toward external installers and leasing-based services
Historically, Otovo marketed and sold its products exclusively through its own channels. The company now plans to pivot to a model where homeowners can access Otovo LEASING and Otovo CARE through local electricians. CEO Andreas Thorsheim argues that this approach will extend Otovo’s reach, comparing it to how a popular product like an iPhone can be purchased in locations beyond Apple’s own stores.
Thorsheim’s message signals a broader ambition to embed Otovo’s offerings within established local service ecosystems, which could simplify installation and after-sales support by leveraging nearby technicians. The strategy aims to reduce distribution friction and improve access to leasing and maintenance services for customers considering rooftop solar and battery storage.
Background on Otovo
Otovo was founded by Andreas Thorsheim, who remains at the helm as CEO. The company has grown as a Nordic leader in solar energy, focusing on rooftop solar and energy storage solutions. The current restructuring marks a notable shift from direct, company-owned sales and installation toward a partnership-driven model designed to accelerate growth and increase customer touchpoints through local channels.
Implications for employees and customers
The workforce reduction represents a substantial downsizing for Otovo and will likely involve transitions for the affected employees, though the filing does not detail severance provisions or relocation options. For customers, the move may translate into easier access to financing and care services via local electricians, potentially improving installation logistics and ongoing support while maintaining Otovo’s standards for quality and warranty coverage.
Industry context and outlook
The rooftop solar market is increasingly competitive, with players balancing direct sales against expansive partner networks. Otovo’s pivot toward external installers and leasing-based services mirrors a broader industry trend toward scalable, partner-enabled delivery models. If successful, the restructuring could help Otovo broaden its installer network, expand geographic reach, and boost the adoption of rooftop solar and home battery storage in a cost-efficient manner.
