Otovo acquires Soly assets to boost European solar reach, targets battery market

Otovo, a home energy service provider, announced on December 22, 2025, an agreement to acquire select assets from Soly Holding B.V., a Netherlands-based residential solar company that filed for insolvency in November 2025. The acquisition includes Soly's customer records, intellectual property, domains, service vehicles, and a pipeline of signed but uninstalled solar projects, but notably excludes liabilities, warranties, or historical service obligations.

Otovo will offer its "Otovo Care" service and maintenance solution to Soly's 24,000 acquired residential solar installations, which currently lack warranty and support due to Soly’s insolvency. This move strategically positions Otovo to capture the multi-billion-dollar battery retrofit market in the Netherlands, driven by the planned phase-out of net-metering from January 2027, as most Soly customers in the region lack battery storage.

The acquisition consideration comprises a fixed cash payment of approximately €0.75m at closing and a variable, success-based payment linked to the number of Soly customers converting to Otovo Care, payable in April 2026. The acquisition is expected to close in December 2025 and is anticipated to be accretive to Otovo’s net income in 2026.