Otovo, an artificial intelligence-enabled platform providing behind-the-meter energy services for homes and businesses, has completed a $3 million private placement to fund strategic acquisitions, merger and acquisition opportunities, costs related to its contemplated U.S. dual listing, and general corporate purposes.

The latest financing brings Otovo’s total capital raised over a little more than 12 months to approximately $40 million.

Otovo has also signed a definitive agreement to sell part of its holding in EDEA Europe through its subsidiary EDEA MidCo AS, all its shares in European Distributed Energy Assets Switzerland GmbH, and part of the portfolio’s residual assets to a third party.

The transaction is expected to generate approximately $2.4 million in proceeds and release a $1.5 million facility with DNB Bank. Combined with the private placement, the asset sale would provide Otovo with more than $5 million in proceeds, subject to completion of the sale.

As part of the sale of residual assets and a balance sheet clean-up involving EDEA Europe and EDEA Switzerland, Otovo could grant the buyer up to 2 million warrants at no additional cost if certain asset performance criteria are not met.

The financing follows a series of acquisitions by Otovo as it expands its operations and maintenance, solar, energy storage, and electric vehicle charging services. The company has announced 10 acquisitions that it expects to be accretive and has expanded its energy services platform to more than 65,000 customers across the U.S. and Europe in less than a year.

In October of 2026, Otovo completed its acquisition of PV Hawaii, a solar operations and maintenance provider based on Oahu. The transaction expanded Otovo’s behind-the-meter service platform into Hawaii. In August 2026, Otovo also announced its intention to acquire Norwegian solar and electrical contractor Mr. Elektro. The PV Hawaii and Mr. Elektro transactions have a combined purchase price of approximately $4.6 million. The company said the Mr. Elektro acquisition would add licensed in-house installation and service capacity in Norway, with reach into Sweden.

Otovo has also entered into non-binding letters of intent to acquire all issued and outstanding equity interests in two European companies providing energy management services from their current parent company. The purchase price remains subject to agreement and is expected to be paid in cash at closing. The proposed transactions remain subject to definitive agreements.

In August 2026, the company signed definitive agreements to acquire Green Panel Solar Energy Systems for $11 million. The company added that the combined operations will span 15 European markets.

Solar public market financing in 9M 2026 totaled $2.7 billion in 32 deals, a 59% increase compared to $1.7 billion in 12 deals in 9M 2025, according to Mercom’s 9M and Q3 2026 Solar Funding and M&A report.