Otovo Secures $16.6-Million Private Placement to Fund EnergyAid Acquisition

Otovo, an artificial intelligence (AI)-native energy service provider for residential and commercial customers, announced the successful completion of a private placement raising about $16.6 million through the issuance of about 14.0 million new shares. The financing included participation from new and existing investors, including Encompass Capital Advisors LLC, acting for certain fund entities and managed accounts for which Encompass exercises investment discretion, Franklin Templeton, and Electron. The net proceeds from the private placement will be used to fund Otovo’s previously announced acquisition of all shares in EnergyAid Inc., a leading provider of residential solar service and repair solutions in California, Arizona, and Nevada. A portion of the proceeds may also be used to support major OEM partnership initiatives in Europe, including to support Otovo’s recently announced joint venture with Green Panel to deliver service capabilities across Europe for a major global original equipment manufacturer, subject to definitive agreements and customary conditions. Additional uses may include preparatory work related to a potential U.S. dual listing and general corporate purposes, including working capital and transaction-related fees. “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. (John) Berger, CEO of Otovo. “EnergyAid brings scale, an exceptional reputation, and a fast-growing subscription base—and we’re pairing that with Otovo’s Endurance AI platform to deliver what homeowners want most: maximum service at minimal cost, with faster diagnosis, fewer truck rolls, and more reliable uptime. With this acquisition, Otovo takes a meaningful leap toward becoming the leading home energy service provider across Europe and North America.”

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. EnergyAid has completed service jobs for some 60,000 homes and about 8,000 active customers. EnergyAid generated about $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 combination strengthens Otovo’s ability to deliver a single, seamless service experience for home energy assets—from issue detection to resolution—supported by real-time monitoring, intelligent triage, and coordinated field repairs. In parallel, Otovo continues to advance European expansion initiatives, including its recently announced joint venture with Green Panel intended to support a major global OEM’s service needs across Europe, subject to definitive agreements and customary conditions. Otovo is also evaluating a potential dual listing in the U.S., in addition to its listing on Euronext Oslo Børs, to broaden investor access and support long-term growth, subject to market conditions, regulatory requirements, and customary approvals. —This content was contributed by the communications team for Provo.