Otovo provider expands footprint across California, Arizona, and Nevada
Houston, TX, March 2, 2026 - Otovo, a leading home energy service provider,
today announces that it has entered into a letter of intent to acquire
EnergyAid, a leading provider of exceptional residential solar service and
repair solutions in California, Arizona, and Nevada.
The EnergyAid transaction will significantly expand Otovo's U.S. presence and
strengthens its position as a global leader in residential and commercial solar
service. Founded in 2012 and headquartered in Santa Ana, California, EnergyAid
has built a specialized solar service business focused on diagnostics, repair,
maintenance, and system upgrades. The company has completed service jobs for
approximately 60,000 homes and has approximately 8,000 active customers.
EnergyAid generated approximately $18.7 million in total revenue in 2025, up 20%
from 2024, and recently launched a subscription service that has grown to
approximately 2,800 members.
"This acquisition will represent a major milestone in Otovo's U.S. expansion,
adding immediate scale across three high-growth solar markets while adding
substantial value from EnergyAid's extensive customer relationships," said
William J. (John) Berger, CEO of Otovo. "EnergyAid's established operations
provide immediate scale across California, Arizona, and Nevada, while their
extensive customer database creates substantial long-term value."
"EnergyAid has always been about solving problems for solar homeowners who had
nowhere else to turn," said Nick Sherman, CEO and Founder of EnergyAid. "Otovo
embodies that customer-first mentality and they've built the technology
infrastructure to deliver it at massive scale. Together, we're creating the
category leader in residential solar service, a company that can serve customers
with the same quality and responsiveness."
The purchase price represents an enterprise value of approximately USD $10
million and the consideration is expected to be settled through a combination of
cash and new shares in Otovo.
EnergyAid will be integrated into Otovo's growing service business, expanding
its presence in the U.S. to three key markets through an established and popular
service provider. Combined with Otovo's recent acquisition of Solar Service
Professionals, this transaction positions Otovo as the leading pure-play
residential solar service company in California and establishes a strong
foundation for growth in Arizona and Nevada. Otovo will work to convert
EnergyAid's extensive customer base to its subscription service, with the
expectation that this initiative will be significantly accretive to net income
in 2026 and beyond.
Otovo delivers comprehensive home energy solutions through an integrated
platform that combines electricity supply, professional service and maintenance,
and smart grid optimization via a Virtual Power Plant. Homeowners gain reliable
power and dependable service through a single trusted partner. The company's
EnduranceTM platform leverages AI to diagnose system issues instantly and
dispatch qualified technicians in real time. This intelligent network seamlessly
coordinates field crews, service vehicles, and home energy systems to deliver
rapid, effective solutions. Real-time customer tracking ensures transparency
throughout the service process, while smart routing technology maximizes
first-visit resolution rates and minimizes technician travel time.
The transaction is subject to definitive agreements, a financing condition and
other standard closing conditions, including completion of due diligence and no
material adverse changes.
DISCLOSURE REQUIREMENT
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements in section
5-12 of the Norwegian Securities Trading Act.
The stock exchange announcement was published by Eleanor Gilbane, General
Counsel, at the time and date stated above in this announcement.
About Otovo
Otovo is an AI-Native home and business energy services company in Europe and
the United States. We combine real-time equipment monitoring, rapid repairs,
dependable power supply, and grid participation into a single, seamless
service-delivering maximum service at a minimal cost. Endurance, Otovo's
industry-leading AI platform, continually monitors installed equipment in homes
and businesses, optimizes the entire service process from problem detection to
resolution, and coordinates repairs around the clock. "Your Power, Backed by
Ours." Otovo is listed on the Euronext Oslo Stock Exchange under the ticker
OTOVO. Visit us at https://otovo.ai/.
The above includes forward-looking statements including goals, projections,
targets, and plans based on current expectations and assumptions. Actual results
may differ materially due to risks and uncertainties, including those described
below. We do not undertake to update forward-looking statements except as
required by law. This is not an offer to sell securities.
Execution risks include: the ability to hit sales, margin, and deployment
timelines