OSLO, NORWAY, October 19, 2026 - Otovo ASA (Euronext Oslo Børs: OTOVO; "Otovo"),
a leading provider of behind-the-meter energy services for homes and businesses,
today announced the completion of its acquisition of PV Hawaii, LLC ("PV
Hawaii"), an Oahu-based provider of solar operations and maintenance services.
The total purchase price is USD 750,000, whereof USD 250,000 was paid in cash at
closing, and the balance (USD 500,000) in the form of a promissory note payable
in two equal installments during Q4 2026. The purchase price also include an
earn-out element payable over three years in part in cash and in part in shares
in Otovo.
With the close, Hawaii becomes the 17th U.S. state in Otovo's footprint.
Highlights
- Extends Otovo's behind-the-meter service platform to Hawaii
- Adds a licensed field crew in Hawaii with OSHA training and a customer base
built on referrals across Oahu, a market Otovo has not served before
- Otovo will bring its EnduranceTM AI platform to PV Hawaii's operations, with
integration expected to enable automated intake, dispatch, scheduling and supply
chain coordination and faster service for customers
"Closing the acquisition of PV Hawaii demonstrates how we are executing on our
strategic growth plan to close out the year, which is driving strong revenue and
Adjusted EBITDA growth expected to be reflected in our financial statements in
the fourth quarter of this year," said William J. (John) Berger, CEO of Otovo.
"We now have a licensed crew and a referral-built customer base in Hawaii, and
we expect the other acquisitions we have announced to close as well. Each one we
bring onto Endurance adds scale to the platform we are building."
PV Hawaii, founded in 2016 and based in Ewa Beach, Oahu, provides solar repair,
warranty and inspection services and panel cleaning for residential and
commercial customers, and is certified across ten major equipment brands.
Otovo expects the other transactions it has announced to close by year end as it
continues to build its behind-the-meter services platform.
About Otovo
Otovo is an AI-Native behind-the-meter energy services company serving homes and
businesses across 14 European markets and the United States. Otovo combines
equipment monitoring, rapid repairs, dependable power supply and grid
participation in one service. EnduranceTM, Otovo's AI platform, monitors
installed equipment, optimizes service from problem detection to resolution and
coordinates repairs around the clock. "Your Power, Backed by OursTM." Otovo is
listed on Euronext Oslo Børs under the ticker OTOVO. Visit us at www.otovo.com.
Disclaimer
This press release contains forward-looking statements, forecasts and estimates.
Words such as "expect," "will" and variations of such words and similar
expressions are intended to identify forward-looking statements. Although
Otovo's management believes that the expectations reflected in such
forward-looking statements are reasonable, investors are cautioned that
forward-looking information and statements are subject to various risks,
contingencies and uncertainties, many of which are difficult to predict and
generally beyond the control of Otovo, that could cause actual results and
developments to differ materially from those expressed in, or implied or
projected by, the forward-looking information and statements. Furthermore, these
forward-looking statements, forecasts and estimates are only as of the date of
this press release. Readers are cautioned not to place undue reliance on these
forward-looking statements. Otovo disclaims any obligation to update these
forward-looking statements, forecasts or estimates to reflect any subsequent
changes that the Company becomes aware of, except as required by law.
This press release is for information purposes only, and the information
contained herein does not constitute either an offer to sell, or the
solicitation of an offer to purchase or subscribe for securities of the Company
in any jurisdiction, in particular in Norway. Similarly, it does not give and
should not be treated as giving investment advice. It has no connection with the
investment objectives, financial situation or specific needs of any recipient.
It should not be regarded by recipients as a substitute for exercise of their
own judgement. All opinions expressed herein are subject to change without
notice. The distribution of this document may be restricted by law in certain
jurisdictions. Persons into whose possession this document comes are required to
inform themselves about and to observe any such restrictions.
s into whose possession this document comes are required to\
inform themselves about and to observe any such restrictions.\