Otovo ASA

M&A Activity • Dec 23, 2025

Otovo and Solcellespesialisten Enter Agreement on Residential Customer Portfolio

Otovo and Solcellespesialisten Enter Agreement on Residential Customer Portfolio

Otovo has entered an agreement regarding the voluntary transfer of approximately 5,000 former Solcellespesialisten residential solar installations to Otovo's service and maintenance solution, Otovo Care.

OSLO, Norway, December 22, 2025 – Otovo today announced it has entered into a strategic partnership with Energismart Norge AS to offer service solutions to approximately 5,000 residential customers of former Solcellespesialisten (“SCS”), a solar installation company based in Østfold, Norway.

SCS entered bankruptcy on December 9, 2025; and a majority of the company’s assets were acquired by Energismart Norge AS, an entity owned by the former founder of the company and the Elmera Group. The new owners have decided to discontinue offerings to the residential sector, and as part of the bankruptcy closure of Solcellespesialisten, residential customers will find themselves without full rights or access to fulfill warranties, claims, and errors.

– Otovo is committed to the durability of solar and wants Norwegian homeowners to be certain that their systems will continue to deliver value no matter what happens. The environment for solar energy in Norway was really bad in 2024 and 2025, but the actors in the industry are coming together now to keep the competence and keep providing value, says Andreas Thorsheim, founder of Otovo.

The agreement between Energismart Norge AS and Otovo allows for SCS’s approximately 5,000 residential solar installations to enter a voluntary transfer to Otovo’s service solution, Otovo Care. Only customers who opt in to transfer will become Otovo subscribers or customers.

– This partnership ensures that residential customers find a new home at Otovo for their solar and battery systems, where they will be able to get help, repairs, and upgrades. Energismart Norge will focus exclusively on the commercial market, offering solar and battery installations as well as service and aftermarket solutions for business customers, says Carl Christian Strømberg, CEO at Energismart Norge AS, and founder of Solcellespesialisten.

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Strategic rationale and transaction structure

Following SCS’s insolvency, its customers no longer have access to ongoing service, monitoring, or repairs. Otovo will offer these Norwegian customers the opportunity to purchase Otovo Care, Otovo’s proactive monitoring, service, maintenance, and repair solution, providing continuity and security for solar system owners.

The product is in Norway priced at NOK 1,188 (EUR 96, USD 120) per year for annual subscribers, and NOK 140 per month for those preferring a monthly commitment and billing. Customers get remote monitoring, fast track help, customer support, discounts on repairs, and potential upgrades of the system. The companies plan to start activities relating to the transfer before the end of the year. Otovo will pay NOK 1,000 per customer who signs up for Otovo Care.

SCS customers will be able to take advantage of Otovo's integrated service suite, including installation, leasing, monitoring, operations and maintenance. The majority of SCS customers lack batteries, creating the opportunity for the addition of battery storage to their residential solar systems.

When homeowners install a solar system, battery storage, or a wallbox, they are not just putting hardware on their roof or in their garage. They have invested in decades of energy independence, lower electricity bills, and a cleaner future. Solar and battery technologies typically save European homeowners thousands of euros per year. Otovo’s view is that such an investment deserves to be looked after day after day, even as original warranties expire, equipment makers’ guarantees reach their age limit, or suppliers go out of business.

In Europe and the USA more than 30 million homes have been outfitted with solar panels in the last 20 years. Because of the volatility in the markets over the years, for as much as a third of these systems, the original installer company is no longer operational. This leaves systems “orphaned” and under-supported.

— The service market is a multi-billion dollar per year opportunity across Europe and the USA. We believe Otovo has a big role to play as millions of homeowners find they have nobody to call when their systems have downtime, and people are losing out on the value of their systems because of this, says Thorsheim.

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Closing

The transaction is expected to close in December 2025, subject to final documentation. No regulatory approvals are required. The acquisition is expected to be net income positive in the first half of 2026.

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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, GDPR, 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