Otovo ASA announced that it has signed a non-binding letter of intent to acquire SunSystem Technology (SST), a U.S.-based provider of operations and maintenance (O&M) services for distributed generation assets. The proposed transaction marks Otovo’s seventh acquisition since its December 2025 merger and would significantly expand the company’s U.S. footprint with coast-to-coast service capabilities.
Under the terms of the proposed deal, Otovo expects to pay approximately $770,000 in cash at closing and provide a three-year earn-out of up to $1.3 million based on net income targets, payable in a combination of cash and Otovo shares. The maximum consideration totals approximately $2.1 million.
SST generated approximately $14 million in revenue during 2025, implying a maximum enterprise value to revenue multiple of 0.15x assuming the full earn-out is achieved. The company operates across 14 U.S. states and serves residential solar portfolios, commercial system owners, asset managers, EV charging networks, and energy storage systems.
Otovo said SST’s operations will be integrated with its Endurance AI platform, which automates functions including customer intake, dispatch, scheduling, and supply chain management. The company believes the acquisition will strengthen existing relationships with original equipment manufacturers and asset owners by enabling multi-state service delivery across a larger geographic footprint.
The letter of intent remains subject to due diligence, corporate approvals, definitive agreements, and customary closing conditions.
The SST transaction continues Otovo’s acquisition strategy following several deals completed since December 2025, including acquisitions involving Zolar, Soly, Solcellespesialisten, Freedom Power, Solar Service Professionals, and EnergyAid. Through these transactions, Otovo has expanded its service operations across Europe and the United States while growing its customer base and maintenance capabilities.
SST has more than a decade of experience providing solar O&M and asset management services. The company specializes in post-installation photovoltaic system support designed to maximize the financial performance of solar assets and has established a nationwide presence in distributed generation, EV charging, and energy storage maintenance.
Otovo is a technology-enabled energy services company operating in Europe and the United States. The company provides equipment monitoring, repair services, power management, and grid participation solutions through its Endurance AI platform.
KEY QUOTES:
“SST is our seventh transaction since the December 2025 merger and follows the playbook we committed to: accretive acquisitions of high-quality service businesses, integrating them onto the Endurance™ platform, and building the scale. SST’s expertise and coast-to-coast footprint is a strategic asset, and we look forward to welcoming the SST team to Otovo.”
William J. (John) Berger, CEO, Otovo
“Joining forces with Otovo represents an exciting opportunity to leverage cutting-edge AI technology while maintaining the high-quality, customer-focused service SST is known for. Otovo’s vision for integrated energy solutions aligns perfectly with our commitment to ensuring optimal performance of solar assets. Together, we’ll deliver even greater value to customers facing rising electricity prices and the challenge of maintaining their energy investments.”
Matt Alestra, CEO, SunSystem Technology
