Otovo Completes European Merger to Create First Global Home Energy Service Provider

Audio By Carbonatix

HOUSTON--(BUSINESS WIRE)--Dec 5, 2025--

Otovo USA, a leading home and business energy service provider, today announced it has completed a merger with Otovo ASA, a European leader in residential power, to form a global home and business services company with an AI-driven service platform. The newly combined company, Otovo, has a footprint that extends across Europe and parts of the United States with a home and business energy offering that unites retail power, repair service, and grid trading.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251205865578/en/

Otovo CEO John Berger

Shares of Otovo will continue to trade on the Euronext Oslo Stock Exchange (OSL) in the local currency, Norwegian Krone (NOK), under the ticker symbol “OTOVO.” The Company expects to pursue a dual listing on a U.S. exchange in the near future.

As part of the transaction, Otovo successfully completed a fully underwritten private placement of new shares to raise gross proceeds of $5 million to fund growth and investment in the new service and maintenance product, and other corporate purposes.

William J. (John) Berger was appointed Chief Executive Officer of the newly combined company. Andreas Thorsheim will take on the role of Chief Product Officer.

“Today marks the beginning of a new chapter for Otovo as we complete this transformative combination and create the world’s first global home energy services company,” said William J. (John) Berger, CEO of Otovo. “More than 200,000 solar and home energy jobs have been lost over the past two years, leaving home and business owners with unprotected systems. Otovo is here to fill that gap with the industry’s first “rapid response” service at a reasonable price. We see strong demand for our innovative services and anticipate growing our installed base of 45,000 homeowners to 250,000 active customers by 2028.”

“The new Otovo is strongly positioned to target the 30+ million homeowners in the U.S. and Europe with installed energy assets,” said Andreas Thorsheim, Chief Product Officer of Otovo. “By combining our large European customer base and service operations with an AI-native technology platform, we are creating a new Otovo that can serve as the backbone of a resilient energy future. Otovo is here to help the vast global market of energy consumers that need better service for their home and business solar systems, battery storage, EV chargers, and generators.”

Otovo’s all-in-one power partner model unites retail electricity, energy service (operations and maintenance), and grid trading through a cloud-connected Virtual Power Plant, giving customers power they can count on and service they can trust. Its AI-native Endurance™ platform can triage issues and route the right crew in real time, connecting technicians, trucks, and installed devices into a single responsive network. The live tracking function closes the loop with customers, while optimized routing raises first‑time‑fix rates while cutting travel.

“As we progress from an energy partner to an everything home and business partner, scale will keep making us faster, AI more precise,” added Berger. “Otovo’s network of technicians, trucks, and connected devices will turn that precision into real uptime at a lower cost to serve – earning the right to serve more of the home and business market each year.”

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; dependency on third-party installers/OEMs and data providers; variability in customer acquisition cost and payback; working-capital and financing availability; regulatory and compliance changes (telemarketing/TCPA, privacy, and state consumer rules); concentration of customers and partners; technology and data security incidents; and general economic conditions that affect demand and pricing.

View source version on businesswire.com:https://www.businesswire.com/news/home/20251205865578/en/

CONTACT: Media ContactMatt Dallas

917-363-1333

[email protected]

KEYWORD: TEXAS UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: SOFTWARE UTILITIES BATTERIES ALTERNATIVE ENERGY ENERGY TECHNOLOGY RESIDENTIAL BUILDING & REAL ESTATE ARTIFICIAL INTELLIGENCE ENVIRONMENT CONSTRUCTION & PROPERTY GREEN TECHNOLOGY OTHER TECHNOLOGY

SOURCE: Otovo

Copyright Business Wire 2025.

PUB: 12/05/2025 08:00 AM/DISC: 12/05/2025 08:00 AM

http://www.businesswire.com/news/home/20251205865578/en