After Otovo’s sales skyrocketed during 2021 and 2022, the sales and installation pace is now back to early 2021 levels. While the strong growth was driven by surging power prices in Europe and the rollout of favourable subsidy schemes in many countries, declining power prices and the phasing out of some of the subsidy schemes has driven the subsequent sales decline. Management has taken significant steps over 2024 to reduce the cost base, and we see several reasons why the market may turn. With ....
