Otovo ASA appoints Ida Groth as CPO

06 Nov 2024 10:00 CET

Otovo ASA (“Otovo”) is pleased to announce the promotion of Ida Groth to the
role of Chief Product Officer (CPO) for the Group. At the same time, current CPO
Simen F. Jørgensen will take on the role as Chief Operating Officer (COO). The
changes are effective from 1 December 2024.

Ida Groth (40) has most recently been Lead Product Manager, and has four years
of experience in product management with Otovo. She has overseen some of the
most important strategic changes to the platform in recent years, including
automating the project flow to installers, increasing the gross margin per
project and introducing multi-hardware capability. Ms. Groth has previously
worked at Visma, Mestergruppen and Implement Consulting Group. The CPO role
comprises product design and management, data, engineering, hardware technology
and sourcing. She holds a master’s degree in engineering from The Norwegian
University of Science and Technology (NTNU).

– Ida is a very strong strategic product thinker and is excellent at combining
technology and processes to drive business results. This is exactly what we need
when we bring the strategic initiatives we have been working on for the leasing
portfolio, new sales methods and cost reductions together to get Otovo to
profitability, says Andreas Thorsheim.

Simen F. Jørgensen (45) is an Otovo co-founder and has been CPO since the
company started in 2016. He takes on a new role as COO and will be leading the
operations and account management areas, including the European Operations
Center in Madrid and other key operations offices. Mr. Jørgensen replaces Jean
Rosado in the role. Mr. Rosado is joining a company in the electric mobility
sector in 2025.

– I would like to thank Jean for his many contributions to Otovo. Leading both
our business in France and our operations in Europe more broadly, he has held a
solid hand on the steering wheel as we professionalize and develop. I wish him
the best of luck in his new endeavors, Thorsheim adds.

Otovo’s management team and organization is set to execute on the company’s
three profitability-unlocking priorities:
- Keeping costs down following recent and fully executed coat cuts. The
personnel reductions of approx. 170 FTEs and other opex reductions improve
profitability with NOK 50m per quarter.
- Increasing sales. Otovo is combining a more accurate marketing sourcing
strategy with a new and more intimate sales model that is expected to lead to
more sales even in a flat market.
- Completing the portfolio transaction in Q1 to move leasing activities to be
instant cash instead of delayed revenue and cash. After the change in ownership
of the leasing portfolio, all leasing sales will be fully and immediately
recognized as revenues, boosting revenues by approximately 30 percent.

About Otovo: For homeowners, Otovo is the easiest way to get solar panels on the
roof, and batteries in the home. Otovo is a marketplace that organizes hundreds
of local, high quality and qualified energy installers. The company uses its
proprietary technology to analyze the potential of any home and finds the best
price and installer for customers based on an automatic bidding process between
available installers.

Follow us on investor.otovo.com for reports, financial calendar, contact details
and more.

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