Otovo Secures $16.6-Million Private Placement to Fund EnergyAid Acquisition

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Wed, March 4, 2026 astatine 7:38 AM CST 2 min read

Otovo, an artificial quality (AI)-native vigor work supplier for residential and commercialized customers, announced the palmy completion of a backstage placement raising astir $16.6 cardinal done the issuance of astir 14.0 cardinal caller shares. The financing included information from caller and existing investors, including Encompass Capital Advisors LLC, acting for definite money entities and managed accounts for which Encompass exercises concern discretion, Franklin Templeton, and Electron. The nett proceeds from the backstage placement volition beryllium utilized to money Otovo’s antecedently announced acquisition of each shares successful EnergyAid Inc., a starring supplier of residential star work and repair solutions successful California, Arizona, and Nevada. A information of the proceeds whitethorn besides beryllium utilized to enactment large OEM concern initiatives successful Europe, including to enactment Otovo’s precocious announced associated task with Green Panel to present work capabilities crossed Europe for a large planetary archetypal instrumentality manufacturer, taxable to definitive agreements and customary conditions. Additional uses whitethorn see preparatory enactment related to a imaginable U.S. dual listing and wide firm purposes, including moving superior and transaction-related fees. “This financing marks a large measurement guardant successful Otovo’s ngo to physique the world’s starring location vigor work level astatine planetary scale,” said William J. (John) Berger, CEO of Otovo. “EnergyAid brings scale, an exceptional reputation, and a fast-growing subscription base—and we’re pairing that with Otovo’s Endurance AI level to present what homeowners privation most: maximum work astatine minimal cost, with faster diagnosis, less motortruck rolls, and much reliable uptime. With this acquisition, Otovo takes a meaningful leap toward becoming the starring location vigor work supplier crossed Europe and North America.”

Founded successful 2012 and headquartered successful Santa Ana, California, EnergyAid has built a specialized star work concern focused connected diagnostics, repair, maintenance, and strategy upgrades. EnergyAid has completed work jobs for immoderate 60,000 homes and astir 8,000 progressive customers. EnergyAid generated astir $18.7 cardinal successful full gross successful 2025, up 20% from 2024, and precocious launched a subscription work that has grown to astir 2,800 members.

The operation strengthens Otovo’s quality to present a single, seamless work acquisition for location vigor assets—from contented detection to resolution—supported by real-time monitoring, intelligent triage, and coordinated tract repairs. In parallel, Otovo continues to beforehand European enlargement initiatives, including its precocious announced associated task with Green Panel intended to enactment a large planetary OEM’s work needs crossed Europe, taxable to definitive agreements and customary conditions. Otovo is besides evaluating a imaginable dual listing successful the U.S., successful summation to its listing connected Euronext Oslo Børs, to broaden capitalist entree and enactment semipermanent growth, taxable to marketplace conditions, regulatory requirements, and customary approvals. —This contented was contributed by the communications squad for Provo.