Houston, TX, March 2, 2026 – Otovo, a leading home energy service provider, today announced it has entered into a letter of intent to acquire EnergyAid, a leading provider of exceptional residential solar service and repair solutions in California, Arizona, and Nevada. The purchase price represents an enterprise value of approximately USD $10 million and the consideration is expected to be settled through a combination of cash and new shares in Otovo.
Founded in 2012 and headquartered in Santa Ana, California, EnergyAid has built a specialized solar service business focused on diagnostics, repair, maintenance, and system upgrades. The company has completed service jobs for approximately 60,000 homes and has approximately 8,000 active customers. EnergyAid generated approximately $18.7 million in total revenue in 2025, up 20% from 2024, and recently launched a subscription service that has grown to approximately 2,800 members.
The EnergyAid transaction will significantly expand Otovo's U.S. presence and strengthens its position as a global leader in residential and commercial solar service. Combined with Otovo's recent acquisition of Solar Service Professionals, this transaction positions Otovo as the leading pure-play residential solar service company in California and establishes a strong foundation for growth in Arizona and Nevada.
Otovo will work to convert EnergyAid's extensive customer base to its subscription service, with the expectation that this initiative will be significantly accretive to net income in 2026 and beyond.
"This acquisition represents a major milestone in Otovo's U.S. expansion, adding immediate scale across three high-growth solar markets," said William J. (John) Berger, CEO of Otovo. "EnergyAid's proven track record of exceptional service, combined with our AI-native Endurance™ platform, creates a powerful combination that will deliver unmatched service quality to homeowners across the Western United States."
"Otovo embodies that customer-first mentality and they've built the technology infrastructure to deliver it at massive scale," said Nick Sherman, CEO of EnergyAid. "Joining forces with Otovo opens an exciting new chapter for our team and the thousands of homeowners we serve."
Endurance™ Platform
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.
Transaction Details
The transaction is subject to definitive agreements, financing conditions, and standard closing conditions. No regulatory approvals or third-party consents are required for the transaction.
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 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.