Otovo ASA

M&A Activity • Dec 22, 2025

Otovo Acquires Soly Customers and Assets as it Expands Across Europe

Otovo Acquires Soly Customers and Assets as it Expands Across Europe

Otovo acquires customers and assets from Soly, a key European residential solar player

OSLO, Norway, December 22, 2025 – Otovo, a leading home energy service provider in the U.S. and Europe, today announced it has entered into a definitive agreement to acquire select assets of Soly Holding B.V. (Soly), a Netherlands-based residential solar company that has completed 30,000 residential solar installations across the Netherlands, Belgium, Germany, Austria, the UK, and Italy. Soly filed for insolvency in November 2025.

The transaction includes the acquisition of Soly’s customer records, intellectual property, domains, and service vehicles, as well as a pipeline of signed but not yet installed solar projects. No liabilities, warranties, or historical service obligations are assumed by Otovo.

As part of the insolvency proceedings, Soly’s customers will find themselves without rights to their installation warranties, customer support, monitoring, or system repairs from Soly. Hence, as part of the transaction, the 24,000 residential solar installations acquired will be offered to purchase Otovo’s service and maintenance solution, Otovo Care, and to buy batteries from Otovo.

The acquisition will expand Otovo's existing global customer base, which is spread across 13 countries.

“This acquisition expands our operations in key European countries, strengthening Otovo’s position as Europe's leading residential solar service provider,” said William J. (John) Berger, CEO of Otovo. “This is a natural transition for Soly customers, which will be welcomed into the Otovo family with our comprehensive service, repair, and 24-hour guaranteed response offering. We also look forward to supporting our new customers in upgrading their solar systems with batteries ahead of the net metering phase-out in the Netherlands. This is also an exceptional acquisition for our investors, as we anticipate it will be accretive to net income in 2026.”

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Strategic rationale

Following Soly’s insolvency, its customers may no longer have access to ongoing installation warranties, customer support, monitoring, or system repairs from Soly. Otovo will offer these customers the opportunity to purchase Otovo Care, Otovo’s proactive monitoring, service, maintenance, and rapid-repair solution, providing continuity and security for solar system owners.

The Otovo Care solution is in the Netherlands, priced at EUR 108 per year for customers signing up for 12 months, and EUR 12 per month for those preferring a monthly commitment and billing. Customers get proactive monitoring and fault detection, fast-track customer support and repairs, discounts on repairs, and attractively-priced battery upgrades for their PV system. The companies plan to start activities relating to the transfer before the end of the year.

The acquisition also positions Otovo well to capture the multi-billion-dollar battery retrofit opportunity in the Netherlands, starting in 2026, driven by the planned full phase-out of the net-metering scheme from January 2027. Nearly all of Soly’s installed customers in the Netherlands do not currently have battery storage, creating a large addressable market for Otovo to provide battery upgrades in 2026 and beyond.

In addition, Otovo expects to generate near-term profit from executing Soly’s pipeline of signed but not yet installed projects, as well as from ongoing repair and service work on the installed base.

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Transaction structure and consideration

The consideration consists of:

• A fixed cash payment at closing of approximately €0.75 million

• A variable, success-based consideration linked to the number of Soly customers that convert to Otovo’s service & maintenance solution, Otovo Care. This is payable in April 2026 based on the number of active, paying Otovo Care customers at the end of Q1 2026. The variable consideration is structured to align payment with realised customer conversion and revenue.

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Closing

The transaction is expected to close in December 2025, subject to final documentation. No regulatory approvals are required.

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About Otovo

Otovo is an AI-Native 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 https://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.

Execution risks include: the ability to hit sales, margin, and deployment timelines; dependency on third-party installers/OEMs and data providers; variability in customer acquisition cost and payback; working-capital and financing availability; regulatory and compliance changes (telemarketing/TCPA, privacy, and state consumer rules); concentration of customers and partners; technology and data security incidents; and general economic conditions that affect demand and pricing.

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Media Contact

Matt Dallas

917-363-1333

matt.dallas@icrinc.com

Andreas Thorsheim

+47 93065178

athornor@otovo.com