Houston, TX, December 5, 2025 - Otovo USA, a leading home and business energy
service provider, today announced it has completed a merger with Otovo ASA, a
European leader in residential power, to form a global home and business
services company with an AI-driven service platform. The newly combined company,
Otovo, has a footprint that extends across Europe and parts of the United States
with a home and business energy offering that unites retail power, repair
service, and grid trading.

Shares of Otovo will continue to trade on the Euronext Oslo Stock Exchange (OSL)
in the local currency, Norwegian Krone (NOK), under the ticker symbol "OTOVO."
The Company expects to pursue a dual listing on a U.S. exchange in the near
future.

As part of the transaction, Otovo successfully completed a fully underwritten
private placement of new shares to raise gross proceeds of $5 million to fund
growth and investment in the new service and maintenance product, and other
corporate purposes.

William J. (John) Berger was appointed Chief Executive Officer of the newly
combined company. Andreas Thorsheim will take on the role of Chief Product
Officer. 

"Today marks the beginning of a new chapter for Otovo as we complete this
transformative combination and create the world's first global home energy
services company," said William J. (John) Berger, CEO of Otovo. "More than
200,000 solar and home energy jobs have been lost over the past two years,
leaving home and business owners with unprotected systems. Otovo is here to fill
that gap with the industry's first "rapid response" service at a reasonable
price. We see strong demand for our innovative services and anticipate growing
our installed base of 45,000 homeowners to 250,000 active customers by 2028."

"The new Otovo is strongly positioned to target the 30+ million homeowners in
the U.S. and Europe with installed energy assets," said Andreas Thorsheim, Chief
Product Officer of Otovo. "By combining our large European customer base and
service operations with an AI-native technology platform, we are creating a new
Otovo that can serve as the backbone of a resilient energy future. Otovo is here
to help the vast global market of energy consumers that need better service for
their home and business solar systems, battery storage, EV chargers, and
generators." 

Otovo's all-in-one power partner model unites retail electricity, energy service
(operations and maintenance), and grid trading through a cloud-connected Virtual
Power Plant, giving customers power they can count on and service they can
trust. Its AI-native EnduranceTM platform can triage issues and route the right
crew in real time, connecting technicians, trucks, and installed devices into a
single responsive network. The live tracking function closes the loop with
customers, while optimized routing raises first-time-fix rates while cutting
travel. 

"As we progress from an energy partner to an everything home and business
partner, scale will keep making us faster, AI more precise," added Berger.
"Otovo's network of technicians, trucks, and connected devices will turn that
precision into real uptime at a lower cost to serve - earning the right to serve
more of the home and business market each year."

About Otovo 
Otovo is an AI-Native home and business 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