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

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.

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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.

Otovo is now serving Europe and the U.S.A.

Otovo CEO John Berger

Trading on Wall Street was subdued and oil prices retreated modestly as Israel and the United States carried out a wave of attacks that killed 25 people in Iran on Monday ahead of U.S. President Donald Trump's deadline for Tehran to reopen the Strait of Hormuz.

Futures for the S&P 500 ticked up 0.1%, while futures for the Dow Jones Industrial Average fell 0.2%. Nasdaq futures gained 0.3%.

Iran's South Pars natural gas field was among the targets hit Monday. Iran responded with missile fire on Israel and its Gulf Arab neighbors while mediators circulated a new ceasefire proposal.

Among those killed in one of the attacks on Tehran was the head of intelligence for Iran’s paramilitary Revolutionary Guard, Maj. Gen. Majid Khademi, according to Iranian state media and Israel’s defense minister.

Trump, whose deadline expires Monday night Washington time, said that if no deal was reached to reopen the strait, the U.S. would hit Iran’s power plants and other infrastructure targets and send the country “back to the stone ages.”

“Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran,” he threatened in a social media post on Easter Sunday, adding that if Iran did not open the strait “you’ll be living in Hell.”

In an effort to stop the fighting, Egyptian, Pakistani and Turkish mediators have sent Iran and the U.S. a proposal calling for a 45-day ceasefire and the reopening of the Strait of Hormuz to give time to try and find a way to end the war, two Mideast officials have told The Associated Press.

Iran and the U.S. have not responded to the proposal, sent late Sunday night to both Iranian Foreign Minister Abbas Araghchi and U.S. Mideast envoy Steve Witkoff, the officials said.

Despite the new attacks, threats and Trump's looming deadline, oil prices fell early Monday.

Benchmark U.S. crude dropped $1.40 to $110.14 a barrel. Brent crude, the international standard, lost 45 cents to $108.58 a barrel. Energy markets were closed Friday, but prices have been surging for weeks on fears that the Iran war will drag on longer than expected. U.S. crude is up more than 60% since the war started five weeks ago, while Brent is up close to 50%.

Japan's benchmark Nikkei 225 finished 0.6% higher at 53,413.68. South Korea's Kospi gained 1.4% to 5,450.33. Trading was closed in Australia for Easter; in Hong Kong and Shanghai for a traditional Chinese holiday, and in France, Germany and Britain in observance of Easter.

The U.S. relies on the Persian Gulf for only a fraction of the oil it imports, but oil is a commodity and prices are set in a global market. Some nations, like resource-poor Japan, import a large portion of their energy needs and rely heavily on access to the Strait of Hormuz.

Japan's Prime Minister Sanae Takaichi told lawmakers recently that Japan was releasing its reserves and was working on alternative routes. South Korea's trade ministry said it plans to send at least five ships to Saudi Arabi in the coming weeks to establish new oil transport routes in the Red Sea.

“As we kick off the first full trading week of April, the word uncertainty is paramount. Last year it was centered on the impact of ‘Liberation Day’ tariffs, this year it's uncertainty surrounding the ongoing Iranian War,” said Jay Woods, analyst at Freedom Capital Markets in New York.

Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama

Screens display financial information on the floor at the New York Stock Exchange in New York, Tuesday, March 31, 2026. (AP Photo/Seth Wenig)

U.S. President Donald Trump is seen on a screen as traders work at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, April 6, 2026. (AP Photo/Ahn Young-joon)

Currency traders watch monitors at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, April 6, 2026. (AP Photo/Ahn Young-joon)