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.
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