Otovo ASA — Board/Management Information 2021

Mar 18, 2021

Cecilie Weltz to become full time CEO at EDEA - Lars Ekeland steps in as CFO

Cecilie Weltz to become full time CEO at EDEA - Lars Ekeland steps in as CFO

Cecilie Elila Weltz, who has previously held the combined roles of CFO at Otovo and CEO of Otovo’s leasing spinout EDEA, will from March 15th exclusively serve as full time CEO of EDEA.

EDEA was established in June 2020 to provide a solar leasing product to residential customers across Europe, to be sold through Otovo. The product is now operational in Spain, Norway, Sweden and France.

- I am very satisfied that EDEA will now get Weltz’ full attention and we can accelerate the growth of the leasing portfolio. We will be looking to expand the leasing product inside Otovo, as we did by launching in France last week, and will consider acquiring portfolios or leasing originators on the outside, says Andreas Thorsheim, CEO of Otovo and Chairman of EDEA’s board of directors.

We will now start the process of hiring a new CFO for Otovo. In the meantime Lars Ekeland, Otovo’s General Counsel, will act as CFO. Ekeland joined Otovo in October last year and has worked closely with the finance function since the start, and in particular during the Euronext Growth listing process. Ekeland will combine the roles of General Counsel and CFO, and manage Otovo’s finance and strategy teams.

- With a quantitative finance background in addition to law, and experience from Norsk Hydro and DNB, Ekeland is well positioned to take on the role as interim CFO. I am really happy that he takes on these tasks, says Thorsheim.

About Otovo: For homeowners, Otovo is the easiest way to get solar panels on the roof. Otovo is a marketplace that organises hundreds of local, high quality and qualified 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.

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