The Wikipedia has the following information about this codepoint:
The letter Å (å in lower case) represents various (although often very similar) sounds in several languages. It is a separate letter in Danish, Swedish, Norwegian, Finnish, North Frisian, Low Saxon, Walloon, Chamorro, Lule Sami, Pite Sami, Skolt Sami, Southern Sami, Ume Sami, and Greenlandic alphabets. Additionally, it is part of the alphabets used for some Alemannic and Austro-Bavarian dialects of German.
Though Å is derived from A by adding an overring, it is considered a separate letter. It developed as a form of semi-ligature of an A with a smaller o above it to denote a long and darker A, a process similar to how the umlaut mark developed from a small e written above certain letters.