Oslo, 1 December 2023: Reference is made to the stock exchange notice by Otovo
ASA ("Otovo" or the "Company") on 9 November 2023 regarding the conditional
completion of a private placement of 130,434,782 new shares at a subscription
price of NOK 3.45 per share (the "Offer Price"), raising gross proceeds of
approx. NOK 450 million (the "Private Placement"). Reference is further made to
the resolution by the Company's extraordinary general meeting held today, 1
December 2023, to increase the Company's share capital by issuance of the new
shares in the Private Placement.

The following close associates of Otovo's primary insiders have been allocated
shares in the Private Placement at the Offer Price:

-  Å Energi Invest AS, a close associate of board member Tor Øystein Repstad,
has been allocated 77,620,908 shares;
-  AxSol AB, a close associate of board member Jacob Wall and board observer
Marie Fossum Strannegård, has been allocated 30,144,927 shares; and
-  OBOS BBL, a close associate of board member Ingunn Randa, has been allocated
1,449,276 shares. 

Prior to completion of the Private Placement, AxSol AB owns 38,489,971 shares
and Å Energi Invest AS owns 10,111,673 shares in the Company, equal to approx.
25.87% and approx. 6.79%, respectively, of the outstanding shares and votes in
the Company. 

Following completion of the Private Placement, Å Energi Invest AS will own
87,732,581 shares, representing approx. 31.42% of the outstanding shares and
votes in the Company after registration of the share capital increase pertaining
to the Private Placement. Å Energi Invest AS has thereby exceeded the 25%
threshold pursuant to section 4-2 of the Norwegian Securities Trading Act.

Furthermore, following completion of the Private Placement, AxSol AB will own
68,634,898 shares, representing approx. 24.58% of the outstanding shares and
votes in the Company after registration of the share capital increase pertaining
to the Private Placement. AxSol AB has thereby crossed below the 25% threshold
pursuant to section 4-2 of the Norwegian Securities Trading Act.

Please see the attached forms in accordance with article 19 of the Market Abuse
Regulation.

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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 organises hundreds
of local, vetted, high quality energy installers. The company uses its
proprietary technology to analyse 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.

This information is subject to the disclosure requirements pursuant to the
Market Abuse Regulation (EU) 596/2014 article 19 number 3 and sections 4-2 and
5-12 of the Norwegian Securities Trading Act.

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