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European Home Solar/Battery Leader To Merge With U.S. Retail Energy Start-up To Create, "Global Leader In Home Energy"
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Otovo ASA ('Company' or 'Otovo') announced:
(1) a combination with U.S.–based Onvis Inc. ('Onvis' or 'Otovo USA'), (2) the appointment of industry veteran John Berger, founder of Sunnova, as new CEO, (3) a committed private placement at NOK 1.00 per share, and (4) the launch of a new strategy focused on service, maintenance, and AI-native home-energy management on two continents.
Otovo said that the merger, "creat[es] the global leader in home energy -- asset service, maintenance, and financing". As noted below, core services will include retail energy contracting and VPPs
Following completion, Onvis will operate as 'Otovo USA', a wholly owned subsidiary of Otovo, forming the Company's platform for U.S. activities.
The Otovo brand's launch in the United States retail energy market had been first reported by EnergyChoiceMatters.com, through start-up broker Onvis LLC, with Onvis later debuting Otovo-branded retail electric plans in Texas, offered through Texas REP Light Energy LLC (more details here)
The board of directors of both Otovo and Onvis have resolved to enter into a combination agreement (the 'Combination Agreement') with Onvis, with Onvis being described as, "a US-based, AI-native home-energy company affiliated with William J. ('John') Berger."
The agreement sets out a 60:40 (Otovo:Onvis) pre-money ownership split. The transaction values the combined company at NOK 445 million on a pre-money basis.
Following completion, Onvis will become a wholly-owned subsidiary of Otovo, serving as the Company's U.S. operating platform. The combined entity remains listed on Euronext Oslo Stock Exchange as Otovo under the OTOVO ticker.
John Berger will, at closing, assume the role of Chief Executive Officer of the combined entity, while Andreas Thorsheim, current CEO of Otovo, will remain in the Company as Chief Product Officer.
In connection with the combination, the parties contemplate to carry out a private placement of new shares at NOK 1.00 per share to raise gross proceeds of NOK 45-80 million.
"The Company has received pre-commitments from prominent Otovo and Onvis shareholders, in addition to a new global investment institution, to subscribe for a minimum of NOK 45 million at NOK 1.00 per share. If more than the minimum amount of the Private Placement is raised, this will allow for a more rapid implementation of the growth strategy. The pre-commitments include capital raised through Onvis of approximately NOK 30 million, and the remainder is committed to a contemplated private placement on the Oslo Stock Exchange by Otovo," Otovo said
The combined company stated a goal of becoming a leading global platform for clean home energy, focused on four core areas across the USA and Europe:
• Grid services: Purpose-built energy retail contracts and soon grid trading services ('Virtual power plant'), optimizing when homes produce, store, or draw power -- reducing power bills and maximizing the monetization of homeowners’ home energy assets.
• Service & maintenance: Recurring subscription for the 30+ million USA & European homeowners with installed energy assets to maximize their performance and uptime across their 25+ year lifespan. Otovo, via its AI-native platform Endurance, offers 24/7 monitoring and hotline support, 48-hour fast repair response times, and predictive maintenance alerts.
• Financing: Solar and battery leasing under a forward-flow agreement with Swiss Life Asset Management, leveraging Otovo’s infrastructure with ~10,000 leasing customers.
• Installations: Installation of solar and battery systems in select high-growth, profitable European countries. Leveraging Otovo's proprietary installation delivery software, "strong brand", and nationwide network of sales agents and installers.
Otovo currently provides direct sales, leasing, and services to homeowners in 10 European countries
"By combining Otovo's proven European operations and 40,000 customer base with our AI-native Endurance platform, we're not just creating a larger company -- we're building the world's first truly intelligent home energy ecosystem. Our 24/7 monitoring, 48-hour rapid repair guarantees, and predictive maintenance capabilities will transform how homeowners across the U.S. and Europe manage their energy assets over their 25-year lifetime. Looking forward, this business is about maximizing performance, uptime, and value for every homeowner who has invested in clean energy. Together with Andreas and the incredible Otovo team, we're positioned to lead this industry transformation while delivering the profitability and growth our shareholders expect," Berger said
The subscription price in the Private Placement of NOK 1 per share represents a 47% premium to the closing price and a 2% discount to the 60-day volume-weighted average price (VWAP) of the Otovo share on the Oslo Stock Exchange as of 5 November 2025.
Completion of the combination and Private Placement is subject to:
• Approval by the shareholders of Otovo and Onvis in extraordinary general meetings, including required share-capital increases;
• All necessary regulatory and third-party consents; and
• Customary closing conditions, including completion of the committed tranche of the Private Placement.
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November 6, 2025
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Copyright 2025 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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