Otovo Expands European Energy Services Platform With $11 Million Green Panel Acquisition
Otovo ASA (Euronext Oslo Børs: OTOVO), a provider of behind-the-meter energy services for homes and businesses, has entered into definitive agreements to acquire Green Panel Solar Energy Systems Ltd. for approximately $11 million. The transaction represents Otovo’s eighth acquisition and its largest deal to date, marking a significant expansion of the company’s European operating platform.
The acquisition is designed to strengthen Otovo’s position in the behind-the-meter energy services market by combining its existing multi-country operations with Green Panel’s field service, maintenance, logistics and command-center capabilities. Following completion, the combined business will have operations spanning 15 European markets.
Otovo said the enlarged organization will create what it believes is the largest dedicated behind-the-meter energy service footprint in Europe based on country coverage. The platform will bring together field-service capabilities, logistics infrastructure, customer inventory management and technology-enabled dispatch operations.
Green Panel is expected to contribute approximately $12.8 million of revenue and $2.9 million of adjusted EBIT in 2026. If those projections are achieved, the acquisition would provide Otovo with an immediately profitable addition to its operations while expanding its ability to serve residential and commercial energy customers.
Expanding Behind-the-Meter Capabilities
Green Panel provides field service, replacement, maintenance and logistics services for a range of distributed energy technologies. Its activities cover residential and commercial solar installations, battery energy storage systems, electric vehicle charging equipment and load-management systems.
The company is headquartered in Tel Aviv, Israel, where it operates what Otovo describes as Israel’s largest solar power command-and-control center. Green Panel also has established operations in Hungary, providing the company with an additional base for European expansion.
For Otovo, the acquisition offers an opportunity to combine Green Panel’s operational capabilities with its own technology and customer platform. The companies expect the enlarged business to provide greater coverage for customers and equipment partners while improving the speed and reliability of field services.
Otovo said the transaction will also establish Israel as a potential launchpad for broader growth across the EMEA region.
William (John) Berger, Chief Executive Officer of Otovo, said the acquisition significantly increases the scale of the company’s European operations.
“Green Panel changes the scale of what Otovo can do in Europe, and we are thrilled to welcome David Touti and the Green Panel team,” Berger said. He described Green Panel as a profitable business with established field execution capabilities that fits directly into Otovo’s existing platform.
According to Berger, the combined company will have greater geographic reach, an expanded workforce and technology infrastructure capable of supporting residential customers, businesses and major equipment partners across Europe.
He also characterized the transaction as a defining step in Otovo’s strategy to establish a leading behind-the-meter energy services business in Europe.
David Touti, who will lead Otovo’s European operations, said the combination would allow the enlarged company to pursue more opportunities with large customers across the continent. He added that the organization would focus on delivering consistent service to customers across its expanded geographic footprint.
Endurance Technology Extends Across Network
A key part of the combined platform will be Otovo’s Endurance technology. The system is designed to manage field operations, warehouses and customer inventory across the company’s network.
With the acquisition, Endurance will be deployed across the enlarged operational footprint, providing Otovo with greater visibility into inventory, field-service requirements and logistics.
The technology is expected to help the company coordinate equipment and technicians more effectively. By connecting inventory management with dispatch and field operations, Otovo aims to reduce service delays and improve the availability of replacement equipment and other components.
The combination of Endurance with Green Panel’s certified technicians, command-center infrastructure and dispatch capabilities is expected to provide a more integrated service model.
This capability is particularly important as the installed base of distributed energy equipment continues to grow across Europe. Solar panels, batteries, EV chargers and load-management systems require ongoing monitoring, maintenance, repairs and replacement services throughout their operating lives.
Otovo’s strategy therefore extends beyond the initial installation of energy equipment. By developing an integrated service infrastructure, the company aims to capture additional value from long-term equipment ownership and operation.
Acquisition Adds Profitable Operations
The financial contribution expected from Green Panel is another important component of the transaction.
Otovo estimates that Green Panel will generate $12.8 million in revenue and $2.9 million in adjusted EBIT during 2026. The expected profitability gives Otovo an opportunity to expand its geographic footprint while adding an operating business that is already generating earnings.
The acquisition is also expected to increase Otovo’s ability to pursue larger contracts. By combining personnel, warehouses, service capabilities and technology across multiple countries, the company believes it can support customers with larger and more geographically diverse requirements.
This could be particularly relevant as energy customers increasingly seek integrated solutions covering solar generation, battery storage, EV charging and energy management.
Transaction Structure
The $11 million transaction consists of two separate share purchase agreements.
The first agreement covers the acquisition of Adma Holdings Ltd., a holding company that owns approximately 51% of the issued shares in Green Panel. This transaction is referred to as the Adma Transaction.
The second agreement covers the acquisition of the remaining shares in Green Panel and is referred to as the Green Panel Transaction.
Both agreements have been signed, although completion remains subject to specified conditions precedent. The long-stop date for the Adma Transaction is October 15, 2026, while the Green Panel Transaction has a long-stop date of March 15, 2027.
The completion of the Green Panel Transaction is dependent on the completion of the Adma Transaction. However, if the Green Panel Transaction does not close, the Adma Transaction will remain final and binding, according to Otovo.
The total purchase price of approximately $11 million remains subject to customary adjustments, including adjustments related to working capital and net debt under the terms of the share purchase agreements.
Cash and Share Consideration
Otovo plans to settle the purchase price through a combination of cash and newly issued shares.
Approximately $6 million of the consideration is expected to be paid through the issuance of new Otovo shares to the sellers of Green Panel. The shares, known as the Consideration Shares, are expected to be issued at a subscription price of NOK 11.4596 per share.
Otovo said this subscription price represents the 30-day volume-weighted average price, or VWAP, of the company’s shares as of August 20, 2026.
The Consideration Shares will be subject to a 12-month lock-up period from the date of issuance, subject to completion of the transaction.
Completion remains conditional on several requirements, including the satisfactory completion of a financial review. Otovo noted that the transactions may, under certain circumstances, not be completed.
Building a Pan-European Service Platform
The Green Panel acquisition reflects Otovo’s broader strategy of building scale in behind-the-meter energy services through acquisitions and operational integration.
Rather than focusing solely on energy equipment sales and installations, Otovo is expanding its capabilities across the service lifecycle. The combination of field technicians, warehouses, inventory systems, dispatch operations and command centers gives the company infrastructure that can support customers after equipment has been installed.
The addition of Green Panel further expands that model across Europe and introduces established capabilities in Israel and Hungary.
As distributed energy technologies become increasingly common, the need for reliable maintenance and replacement services is expected to grow alongside the installed equipment base. Otovo’s expanded network is intended to position the company to address this demand while supporting larger commercial opportunities.
With Green Panel becoming its eighth acquisition and largest transaction to date, Otovo is taking another step toward creating a broad European behind-the-meter energy services platform. The company expects the combined organization to provide greater geographic coverage, stronger operational capabilities and enhanced technology infrastructure for customers and energy equipment partners across the continent.
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