Otovo raises $16.6 million to fund EnergyAid acquisition

Otovo (Euronext Oslo Børs: OTOVO) completed a private placement raising approximately NOK 161 million ($16.6 million) through the issuance of 14.0 million new shares at NOK 11.50 per share. The financing included participation from new and existing investors, including Encompass Capital Advisors LLC, Franklin Templeton, and Electron.

The net proceeds will fund Otovo's acquisition of all shares in EnergyAid Inc., a provider of residential solar service and repair solutions in California, Arizona, and Nevada. Additional proceeds may support major OEM partnership initiatives in Europe, including Otovo's joint venture with Green Panel, preparatory work for a potential U.S. dual listing, and general corporate purposes.

"This financing marks a major step forward in Otovo's mission to build the world's leading home energy service platform at global scale," said William J. Berger, CEO of Otovo.

Founded in 2012 and headquartered in Santa Ana, California, EnergyAid specializes in solar diagnostics, repair, maintenance, and system upgrades. The company has completed service jobs for approximately 60,000 homes and maintains approximately 8,000 active customers. EnergyAid generated approximately $18.7 million in total revenue in 2025, representing a 20% increase from 2024, and launched a subscription service with approximately 2,800 members.

Otovo operates as an AI-native energy service provider for residential and commercial customers in Europe and the United States. The company uses its Endurance AI platform for real-time equipment monitoring and service coordination.

The company is evaluating a potential dual listing in the United States in addition to its current listing on Euronext Oslo Børs, subject to market conditions and regulatory requirements.

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