Otovo Acquires Soly Customers and Assets as it Expands Across Europe

Otovo acquires 24,000 customers and other assets from Soly for an approximately €0.75 million cash consideration

OSLO, Norway--(BUSINESS WIRE)--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 with operations across the Netherlands, Belgium, Germany, Austria, Italy, and the UK. Soly filed for insolvency in November 2025.

The transaction includes the acquisition of Soly’s installed customer portfolio of approximately 24,000 residential solar customers, associated customer data, 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.

The acquisition will expand Otovo's existing global customer base by approximately 24,000, which, before the transaction, served 45,000 customers across 13 countries.

“This strategic 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 big net metering phase out in the Netherlands.”

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 product, 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.

Strategic rationale

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

The acquisition also positions Otovo well to capture an estimated $3 billion battery retrofit opportunity in the Netherlands, driven by the planned phase-out of the net-metering scheme from 2027. The vast majority of Soly’s installed customers do not currently have battery storage, creating a large addressable market for battery upgrades in the coming years.

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.

Closing

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

About Otovo

Otovo is an AI-Native home 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.