In an effort to be the one residential solar provider to rule them all, Otovo has announced it will acquire EnergyAid, a major provider of residential solar repairs in California, Arizona and Nevada, for $10 million.
Energy assistance
EnergyAid has been the leading solar brand of late, managing abandoned solar systems after major residential installers went bankrupt. EnergyAid has acquired orphaned systems from Suntuity, Titan Solar Power, Sunworks and Solcius. The company offers service subscriptions focused on diagnostics, repair, maintenance and system upgrades. About 2,800 customers have signed up for the subscription service.
“This acquisition will mark a significant milestone in Otovo’s U.S. expansion, adding immediate scale in three high-growth solar markets while adding substantial value from EnergyAid’s extensive customer relationships,” said John Berger, CEO of Otovo. “EnergyAid’s established operations provide immediate scale in California, Arizona and Nevada, while their extensive customer database creates substantial long-term value.”
“EnergyAid has always been focused on solving problems for solar homeowners who had nowhere else to turn,” said Nick Sherman, CEO and founder of EnergyAid. “Otovo embodies that customer-centric mindset and they have built the technology infrastructure to deliver it at scale. Together we are creating the category leader in residential solar, a company that can serve customers with the same quality and responsiveness.”
EnergyAid will be integrated into Otovo’s service activities. Combined with Otovo’s other recent acquisitions, this transaction should position Otovo as the leading pure-play residential solar company in California and establish a strong foundation for growth in Arizona and Nevada. Otovo will work to convert EnergyAid’s extensive customer base to its subscription service.
Otovo settled in the United States just three months ago and was founded by the former CEO of the now bankrupt Sunnova. The company’s Endurance platform uses AI to diagnose system problems and dispatch qualified technicians in real time. This intelligent network coordinates field personnel, service vehicles and home energy systems to deliver rapid solutions. Real-time customer tracking provides transparency throughout the service process, while smart routing technology maximizes first-visit resolution rates and minimizes technician travel time.
News item from Otovo
