Otovo announced it has secured approximately $16.6 million through a private placement as the company moves forward with plans to acquire EnergyAid and expand its home energy services platform across North America and Europe.
The financing totaled about NOK 161 million and involved the issuance of roughly 14 million new shares at a subscription price of NOK 11.50 per share. The private placement included participation from both new and existing investors, including Encompass Capital Advisors, Franklin Templeton, and Electron.
Otovo said the net proceeds will primarily be used to fund its previously announced acquisition of EnergyAid, a U.S.-based solar service and repair provider. The company may also allocate a portion of the funds toward supporting major OEM partnership initiatives in Europe, including a recently announced joint venture with Green Panel aimed at delivering service capabilities across the region for a global equipment manufacturer.
Additional uses of the capital include preparatory work related to a potential U.S. dual listing and general corporate purposes such as working capital and transaction-related expenses.
EnergyAid, founded in 2012 and headquartered in Santa Ana, California, focuses on diagnostics, repair, maintenance, and upgrades for residential solar systems. The company has completed service jobs for approximately 60,000 homes and currently serves about 8,000 active customers. EnergyAid generated about $18.7 million in revenue in 2025, representing 20% growth from the previous year, and recently launched a subscription service that has grown to roughly 2,800 members.
Otovo said the acquisition will strengthen its ability to provide a unified service layer for home energy systems, integrating monitoring, diagnostics, and coordinated field repairs into a single platform.
The company, which operates across Europe and the United States, uses its Endurance AI platform to monitor installed equipment, optimize service workflows, and coordinate repair operations around the clock. Otovo is listed on the Euronext Oslo Børs under the ticker OTOVO and continues to evaluate a potential dual listing in the United States to broaden investor access and support long-term growth.
KEY QUOTE:
“This financing marks a major step forward in Otovo’s mission to build the world’s leading home energy service platform at global scale. EnergyAid brings scale, an exceptional reputation, and a fast-growing subscription base — and we’re pairing that with Otovo’s Endurance AI platform to deliver what homeowners want most: maximum service at minimal cost, with faster diagnosis, fewer truck rolls, and more reliable uptime. With this acquisition, Otovo takes a meaningful leap toward becoming the leading home energy service provider across Europe and North America.”
William J. (John) Berger, CEO Of Otovo
