Otovo, a Norway-based residential rooftop solar installer, has raised NOK450 million (~$41 million) in a funding round led by existing investors Å Energi, Axel Johnson Group, and Nysnø, the Norwegian Government Climate Investment Fund. The net proceeds from the private placement will be used for growth capital to build up the company’s positions across Europe and for general corporate purposes to ensure a path toward profitability. The company plans to reach profitability through a combination of sales volume growth, operational cost improvements, and monetization of the Company’s subscription assets.