Otovo ASA (Euronext Oslo Børs: OTOVO; “Otovo”), a leading provider of behind-the-meter energy services for homes and businesses, today announced it has entered into two non-binding letters of intent (LOIs) to acquire (i) PV Hawaii, LLC (“PV Hawaii”), a solar operations and maintenance provider based on Oahu, and (ii) Mr. Elektro AS (“Mr. Elektro”), a Norwegian solar and electrical contractor for a combined purchase price of approximately USD 4.6 million.
These acquisitions, if completed, will extend Otovo’s behind-the-meter service platform into Hawaii for the first time and add licensed, in-house installation and service capacity in Norway with immediate reach into Sweden. Otovo will bring its Endurance™ AI platform to PV Hawaii and Mr. Elektro’s local field crews and customer relationships, enabling faster service and real-time visibility.
Highlights
- PV Hawaii and Mr. Elektro are expected to add combined revenue and EBIT of USD 7 million and USD 1.7 million in 2027, respectively
- Adds 17th U.S. state and expands reach in Europe
- PV Hawaii brings a licensed, OSHA-trained field crew and a referral-built customer base across Oahu, where Otovo has not previously operated
- Mr. Elektro brings a 12-year-old, owner-led electrical business focused on solar and EV chargers with full contractor authorizations in Norway and Sweden
- Integration of Endurance™ into operations is expected to enable synergies through automated intake, dispatch, scheduling and supply-chain while providing customers faster service
- Both transactions are among the three additional M&A transactions, in addition to Green Panel announced earlier this week, already reflected in Otovo’s Q4 2026 annualized run-rate guidance of USD 105-115 million revenue and USD 15-20 million adjusted EBITDA, upgraded in the Q2 2026 report
- PV Hawaii and Mr. Elektro are Otovo’s 9th and 10th announced transactions since December 2025, integrated onto Endurance™ by a six-person core team in approximately three weeks
The LOIs are subject to satisfactory completion of due diligence, necessary corporate resolutions, and the parties entering into definitive agreements, in addition to customary closing conditions.
“PV Hawaii and Mr. Elektro bring licensed, experienced local teams that strengthen how we serve customers, and they extend our platform into Hawaii for the first time while deepening our reach across Norway and Sweden,” said William (John) Berger, Chief Executive Officer of Otovo. “These acquisitions come with strong leaders that we can integrate into the management team. Leveraging our powerful Endurance™ AI platform, we are continuing our successful plug-and-play acquisition strategy that has helped us create the world’s leading provider of behind-the-meter energy services for homes and businesses.”
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.
Mr. Elektro, founded in 2014 and headquartered in Kløfta, Norway, provides solar installation, after-sales service, EV charging and battery storage installation across southern Norway, with full electrical contractor authorizations that allow it to also serve customers in Sweden.
Otovo’s growing global footprint spans 15 European markets and 17 U.S. states. The enlarged platform comprises profitable field services, logistics warehouses in every market served, AI-driven customer inventory management, and round-the-clock command-center, dispatch and technician capabilities.
Transaction Details
Mr. Elektro transaction expected to comprise of (a) NOK 30 million (subject to a customary net cash/working capital/debt adjustment), payable as (i) NOK 12 million in cash at closing (the Initial Consideration, plus or minus the adjustment), (ii) NOK 8 million in Otovo consideration shares issued at the 30-day VWAP (the Equity Consideration) as per the signing date, and (iii) up to NOK 10 million in earnout which will be settled in Otovo shares.
PV Hawaii transaction expected to comprise of (a) USD 0.75 million subject to a customary net cash/working capital/debt adjustment, and (b) a three year earn-out up to USD 0.81 million based upon net income targets, which will be settled in a 50/50 split of cash and Otovo shares.
About Otovo
Otovo is an AI-Native behind-the-meter energy services company serving homes and businesses across 15 European markets, Israel and the United States. Otovo combines equipment monitoring, rapid repairs, dependable power supply and grid participation in one service. Endurance™, Otovo’s AI platform, monitors installed equipment, optimizes service from problem detection to resolution and coordinates repairs around the clock. “Your Power, Backed by Ours™.” Otovo is listed on Euronext Oslo Børs under the ticker OTOVO. Visit us at otovo.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, statements regarding the company’s expectations, plans, objectives, strategy, future operations, business performance, financial condition, prospects, growth opportunities, market position, anticipated benefits of transactions or initiatives, and other statements that are not historical facts. Forward-looking statements may be identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions.
These forward-looking statements are based on current expectations, assumptions, estimates, and projections and are subject to risks, uncertainties, and other factors, many of which are beyond the company’s control, that could cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, market conditions, regulatory developments, competitive pressures, customer demand, supply chain constraints, macroeconomic conditions, execution risks, and other risks described in the Company’s public filings or other disclosures, if applicable.
The company undertakes no obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events, or otherwise, except as required by applicable law. Readers should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.
DISCLOSURE REQUIREMENT: This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements in section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by Eleanor Gilbane, general counsel, at the time and date stated above in this announcement.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260827162460/en/
Media gallery
