HOUSTON – Otovo, formed by the merger of U.S.-based Otovo USA and European residential power leader Otovo ASA, launched on Tuesday as a combined global home and business energy services company anchored by an artificial intelligence platform.
The new entity, which will operate under the Otovo name, aims to leverage its AI-driven service model across its combined footprint in Europe and parts of the United States. The company offers an integrated service bundling retail electricity, system repairs, and grid trading via a cloud-based Virtual Power Plant.
Shares will continue trading on Oslo’s Euronext Stock Exchange under the ticker “OTOVO.” The company said it expects to pursue a dual listing on a U.S. exchange in the near future.
To fund growth initiatives, including a new service and maintenance product, Otovo completed a fully underwritten private placement raising gross proceeds of $5 million.
William J. (John) Berger was appointed Chief Executive Officer of the combined company, while Andreas Thorsheim, founder of Otovo ASA, will assume the role of Chief Product Officer.
“Today marks the beginning of a new chapter for Otovo as we complete this transformative combination,” Berger said in a statement. He cited an industry gap in service and maintenance for home energy systems, claiming over 200,000 related jobs have been lost in the past two years.
Otovo said its “Endurance” AI platform enables real-time issue triage, optimized technician routing, and live customer tracking. The company claims its network connects technicians, vehicles, and installed devices to improve response times and repair rates.
The company is targeting what it estimates are over 30 million homeowners in the U.S. and Europe with installed energy assets like solar panels, batteries, and electric vehicle chargers. Otovo said it aims to grow its active customer base from 45,000 to 250,000 by 2028.
“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,” Thorsheim said.
The company’s statement included forward-looking projections and noted operational risks, including sales execution, regulatory changes, technology security, and general economic conditions affecting demand.