Successful $5 million Private Placement to fund growth and investment in a new AI-driven platform for “rapid-response” energy service. Solar industry pioneer John Berger named CEO of newly combined company, targets growing to 250,000 customers in three years
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.
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.
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