OTOVO: Otovo Completes Acquisition of SunSystem Technology for $1.3 Million, Bringing Service Platform to Approximately 30% of The United States
2026-07-02 20:31:41
SST is the seventh acquisition Otovo has closed since its December 2025 merger,
part of a disciplined program to build national scale in distributed energy
services
HOUSTON, TX, July 2, 2026 - Otovo ASA (Euronext Oslo Børs: OTOVO) today
announced the completion of its acquisition of SunSystem Technology, LLC
("SST"), a national provider of operations and maintenance ("O&M") services for
distributed generation assets. The closing follows the letter of intent
announced in June 2026 and marks the seventh acquisition Otovo has completed
since December 2025.
With the close, SST's 14-state operating footprint is now fully part of Otovo's
national platform, giving the company true coast-to-coast coverage across the
United States.
Highlights
o The aggregate maximum earn-out is $1.3 million, comprised of a $200,000 cash
closing payment, plus an additional earn-out based on net income from operations
in the United States, payable through the end of 2028.
o The earn-out consideration will be allocated between cash and shares, with the
first $300,000 of aggregate earn-out payments being paid entirely in cash and
the next $300,000 being paid as a seller credit convertible into shares. Any
aggregate earn-out payment exceeding $600,000 will be paid 50% in cash and 50%
as a seller credit convertible into shares.
o SST's operations, technicians, and customer relationships transfer to Otovo's
umbrella effective immediately.
o SST's field operations are now being onboarded onto the Endurance® AI
platform, extending automated intake, dispatch, scheduling and supply chain
coordination to a 14-state footprint.
o Closing completes the seventh transaction in Otovo's post-merger acquisition
program, reinforcing the company's track record of integrating acquired
businesses quickly and profitably.
"Closing SST is a milestone for Otovo, as it proves out the acquisition model
we've been running since December," said William J. (John) Berger, CEO of Otovo.
"Every deal we've closed has added scale, technology leverage and profitable
revenue to the platform, and SST is no exception. We're now positioned to serve
solar, storage, and EV charging customers nationwide, backed by Endurance® and a
growing team that knows how to deliver reliable service at scale."
"We're excited to officially join the Otovo team," said Matt Alestra, CEO of
SunSystem Technology. "This closing lets us move quickly. Our customers will
start seeing the benefits of Otovo's AI-driven platform right away, without any
disruption to the high level of service they count on from SST."
Otovo expects to continue its acquisition program in the coming quarters as it
builds toward becoming the leading technology-enabled energy services company in
the United States.
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. EnduranceTM, 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.
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Contact
Matt Dallas
917-363-1333
matt.dallas@icrinc.com
DISCLOSURE REQUIREMENT: This information is subject to disclosure under the
Norwegian Securities Trading Act, §5-12.
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DISCLOSURE REQUIREMENT: This information is subject to disclosure under the\
Norwegian Securities Trading Act\, §5-12.\