Norway's Otovo Plans to Acquire Hawaii Solar O&M Firm, Entering Its 17th U.S. State

en.Wedoany.com Reported - Otovo, a Norwegian behind-the-meter energy services provider, announced plans to acquire PV Hawaii, LLC, a solar operations and maintenance company headquartered on Oahu, having reached a non-binding letter of intent for the transaction; it also plans to acquire Mr. Elektro, a Norwegian solar and electrical contractor. If completed, its residential and commercial energy services business will enter its 17th U.S. state.

According to data from the U.S. Energy Information Administration, Hawaii remains the highest-priced electricity market in the nation, with an average retail electricity price of 45.95 cents per kilowatt-hour year-to-date, up nearly 11% year-over-year.

Otovo is headquartered in Norway, with its U.S. headquarters in Houston, Texas, where it operates retail electricity brokerage as well as solar monitoring, maintenance, and repair services; its European operations also include operating virtual power plants (VPPs) in multiple countries.

Otovo's operations run on an AI software platform called Endurance. The company states that this platform automates multiple business processes, including job intake, dispatch, and scheduling, increasing the average number of repair work orders completed per technician by 25% compared to alternative intake, dispatch, and scheduling methods.

Its Otovo Care membership program offers tiered service options for customers with behind-the-meter solar and/or storage installations, including 24- or 48-hour response time guarantees, repair discounts, and access to the Otovo mobile monitoring app.

Otovo CEO John Berger said in a statement that the teams at PV Hawaii and Mr. Elektro are licensed and experienced, and will strengthen customer service capabilities, bringing the platform to Hawaii for the first time and deepening coverage in Norway and Sweden. He also noted that the strong leaders accompanying these acquisitions will be integrated into the management team, and that the company continues to execute its "plug-and-play" acquisition strategy powered by the Endurance AI platform.

Otovo's recently released Q2 2026 financial results show revenue of approximately $10 million, customer base growth of 80%, and a total customer count exceeding 55,000 across two continents, with approximately 22,000 having signed membership agreements.

Otovo estimates that each customer generates an average of $1,400 in revenue, including membership fees, service and repair charges, retail electricity sales, and VPP revenue. Based on its forecast for Q4 2026 revenue, the company expects U.S.-only revenue to reach $105 million to $115 million.

Otovo's rapid growth in recent years has relied primarily on acquisition programs similar to the current deals. In addition to direct acquisitions, the company has also secured service rights for completed commercial installations by Freedom Power in Texas. Since 2026, Otovo has acquired three additional regional solar service providers, expanding beyond Texas: Solar Service Professionals and Energy Aid in California, as well as SunSystem Technology, which covers 14 states.