Otovo has signed up its first 3,000 service customers in Germany, Norway, Spain
and Sweden as it debuts its offering of remote monitoring and diagnostics,
accelerated response time, and discounted service work on batteries, inverters
and solar panels. 

Most customers have signed up for 12 months service paid upfront resulting in a
EUR 115 annual average revenue per user, representing EUR 350,000 in annual
recurring revenue. 

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Recurring revenue with attractive margins

The product is priced at EUR9 per month for customers signing up for 12 months,
and EUR12 per month for those preferring a monthly commitment and billing. The
3,000 first customers have signed up in order to keep service levels high after
their initial warranties have expired or have joined Otovo after being offered
the product in relation to the discontinuation of Zolar, a German competitor. 

Otovo also opened the product up to the German, Spanish, Norwegian and Swedish
general homeowning public this week, meaning the service subscription is
accessible also for customers who have bought installations through competing
installer companies.

- For the solar and battery installation businesses across Europe, service and
maintenance has been an overlooked and poorly treated customer need. In general
this industry overpromises on day one and underdelivers for twenty years when it
comes to helping customers get full value from their systems, says Andreas
Thorsheim, Otovo CEO. 

- We are now addressing this problem with two good products: OTOVO LEASING,
where customers pay a monthly fee to have a fully functioning system up and
running at all times at zero upfront cost