Otovo acquires customers and assets from Soly, a key European residential solar
player


OSLO, Norway, December 22, 2025 - 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 that has completed 30,000
residential solar installations across the Netherlands, Belgium, Germany,
Austria, the UK, and Italy. Soly filed for insolvency in November 2025.

The transaction includes the acquisition of Soly's customer records,
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.

As part of the insolvency proceedings, Soly's customers will find themselves
without rights to their installation warranties, customer support, monitoring,
or system repairs from Soly. Hence, as part of the transaction, the 24,000
residential solar installations acquired will be offered to purchase Otovo's
service and maintenance solution, Otovo Care, and to buy batteries from Otovo.

The acquisition will expand Otovo's existing global customer base, which is
spread across 13 countries.

"This 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 net metering phase-out in the Netherlands.
This is also an exceptional acquisition for our investors, as we anticipate it
will be accretive to net income in 2026."

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Strategic rationale

Following Soly's insolvency, its customers may no longer have access to ongoing
installation warranties, customer support, monitoring, or system repairs from
Soly. Otovo will offer these customers the opportunity to purchase Otovo Care,
Otovo's proactive monitoring, service, maintenance, and rapid-repair solution,
providing continuity and security for solar system owners.

The Otovo Care solution is in the Netherlands, priced at EUR 108 per year for
customers signing up for 12 months, and EUR 12 per month for those preferring a
monthly commitment and billing. Customers get proactive monitoring and fault
detection, fast-track customer support and repairs, discounts on repairs, and
attractively-priced battery upgrades for their PV system. The companies plan to
start activities relating to the transfer before the end of the year. 

The acquisition also positions Otovo well to capture the multi-billion-dollar
battery retrofit opportunity in the Netherlands, starting in 2026, driven by the
planned full phase-out of the net-metering scheme from January 2027. Nearly all
of Soly's installed customers in the Netherlands do not currently have battery
storage, creating a large addressable market for Otovo to provide battery
upgrades in 2026 and beyond.

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.

***

Transaction structure and consideration

The consideration consists of:
o A fixed cash payment at closing of approximately EUR0.75 million
o A variable, success-based consideration linked to the number of Soly customers
that convert to Otovo's service & maintenance solution, 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.

***

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 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