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Otovo Completes Merger to Create Global Home Energy Service Provider, Includes U.S.
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Otovo USA, a home and business energy service provider, today announced that it has completed a merger with Otovo ASA, a European provider of residential power solutions, 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.
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)
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.
See more financial and corporate details regarding the transaction here
As previously reported, William J. (John) Berger, who previously founded Sunnova, was appointed Chief Executive Officer of the newly combined Otovo. Andreas Thorsheim, former Otovo CEO, will take on the role of Chief Product Officer.
"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," Otovo said
"As we progress from an energy partner to an everything home and business partner, scale will keep making us faster, AI more precise," said 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."
"The new Otovo is strongly positioned to target the 30+ million homeowners in the U.S. and Europe with installed energy assets," said Thorsheim. "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."
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
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December 5, 2025
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Copyright 2025 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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