Strategic acquisition would expand Otovo’s U.S. footprint with coast-to-coast operations

HOUSTON--(BUSINESS WIRE)--May 27, 2026-- Otovo ASA (Euronext Oslo Børs: OTOVO) today announced it has signed a non-binding letter of intent to acquire SunSystem Technology, LLC ("SST"), a premier U.S. provider of operations and maintenance (“O&M”) services for distributed generation assets.

Highlights

• Transaction expected to comprise of (a) $0.77m cash consideration at closing and (b) a three year earn-out up to $1.3m based upon net income targets, payable in cash and Otovo shares
• SST had revenue of ~$14m in 2025, implying a maximum EV/Revenue multiple of 0.15x, assuming full earn-out
• SST is a national leader in distributed generation O&M with over 10 years of operating history, serving residential portfolios, commercial system owners and asset managers across 14 U.S. states, directly complementing Otovo's existing U.S. operations
• Synergies to be realized with SST's field operations being integrated onto the Endurance™ AI platform, automating intake, dispatch, scheduling and supply chain
• The expanded national footprint enhances the value of Otovo's existing OEM and asset owner relationships, enabling multi-state service delivery

The LOI is subject to satisfactory completion of due diligence, necessary corporate resolutions, and the parties entering into definitive agreements, in addition to customary closing conditions.

"SST is our seventh transaction since the December 2025 merger and follows the playbook we committed to: accretive acquisitions of high-quality service businesses, integrating them onto the Endurance™ platform, and building the scale. SST's expertise and coast-to-coast footprint is a strategic asset, and we look forward to welcoming the SST team to Otovo," said William J. (John) Berger, CEO of Otovo.

“Joining forces with Otovo represents an exciting opportunity to leverage cutting-edge AI technology while maintaining the high-quality, customer-focused service SST is known for,” said Matt Alestra, CEO of SunSystem Technology. “Otovo’s vision for integrated energy solutions aligns perfectly with our commitment to ensuring optimal performance of solar assets. Together, we’ll deliver even greater value to customers facing rising electricity prices and the challenge of maintaining their energy investments.”

Executing a Proven M&A Playbook
The SST acquisition is the latest in a series of transactions since the December 2025 merger that have rapidly built Otovo's service platform:

• Zolar / Soly / Solcellespesialisten: European customer portfolios acquired at low cost; thousands of orphaned customers converted to Otovo Care memberships
• Freedom Power : Commercial service portfolio of 400+ systems across Texas, Florida and Colorado
• Solar Service Professionals (SSP): Entry into California, the largest U.S. solar state
• EnergyAid: $18m revenue, CA/AZ/NV, acquired for $11.5m EV
• SunSystem Technology (SST): ~$14m revenue, 14-state coverage, maximum consideration ~$2.1m

About SunSystem Technology
As a solar operations and maintenance (O&M) and asset management company, SunSystem Technology has deep experience in post-installation PV services ensuring optimal financial performance of solar assets. Over the past 10 years, SST has set the standard for the solar industry in servicing distributed generation, EV charging, and storage systems. Their innovative and agile approach has created clear market leadership with significant scale and robust national coverage for residential portfolios, commercial system owners, asset managers, and EV charging station networks. For more info visit sstsolar.com.

About Otovo
Otovo is a technology-enabled 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 otovo.com.

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/20260526673604/en/

Matt Dallas
917-363-1333
matt.dallas@icrinc.com

Source: Otovo ASA