Otovo Layoffs
February 2024
Otovo announced a layoff affecting 65 employees (15% of its workforce) in February 2024. The company operates in the Energy sector.
65
15%
Feb 8, 2024
About
In February 2024, Norwegian solar energy company Otovo announced a significant restructuring and cost-cutting program executed in Q4 2023. As part of this effort to improve efficiency and reduce annual operating expenses by NOK 80-100 million, the company laid off 65 employees, representing approximately 15% of its workforce. The layoffs primarily targeted head office functions and middle management, streamlining the organization with an increased operational focus on its Madrid hub. This move was made amid market headwinds, despite the company reporting resilient annual revenues surpassing NOK 1 billion for the first time in 2023. The restructuring incurred NOK 10 million in one-off costs during the quarter.
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