Otovo to Acquire Green Panel for $11 Million to Scale Global Energy Services Platform
Otovo ASA (Euronext Oslo Børs: OTOVO; “Otovo”), a leading global energy service provider for residential and commercial customers, announced it has entered into a letter of intent (LOI) to acquire Green Panel Solar Energy Systems Ltd. (“Green Panel”) for $11 million to be settled partly in cash and in Otovo shares. Green Panel is Israel’s dominant behind-the-meter energy service provider with expanding European operations.
- Green Panel is expected to generate revenue and adj. EBIT of $12.8 million and $2.9 million, respectively, in 2026
- At completion this acquisition will accelerate Otovo’s expansion into the Middle East and further strengthens its position as a global leader
- Synergies expected through integration of Green Panel's field operations onto the Endurance®™ AI platform, automating intake, dispatch, scheduling and supply chain
- Acquisition also enables Otovo to enter into a service agreement with a leading global OEM of solar and energy storage equipment, covering 250,000+ installations at launch across multiple European markets, representing a significant expansion of Otovo's addressable customer base beyond its existing 1.4 million legacy customers
Green Panel provides field service, replacement, maintenance, and logistics services for residential and commercial energy systems, including solar, batteries, EV chargers, and load management equipment. It operates the largest solar power command and control center in Israel and brings a profitable business with a dominant market position. The acquisition adds Hungary and Israel to Otovo’s growing global footprint, extending its geographic reach and service capabilities, while further expanding the company’s existing base of more than 30,000 customers.
The acquisition will combine Otovo’s pan-European and North American (EMEA) footprint with Green Panel’s established field service experience in Israel, Hungary, and the broader EMEA region. Green Panel’s proven capabilities in dispatch, logistics coordination, and on-site execution by certified technicians complement Otovo’s AI-Native platform, Endurance®™, which continually monitors installed equipment and optimizes the entire service process from problem detection to resolution.
“Green Panel’s leadership in the Israeli market, combined with their operational excellence and established command and control infrastructure, makes them an ideal addition to our global energy services platform,” said William (John) Berger, Chief Executive Officer of Otovo. “We’re excited to welcome David Touti, an industry veteran that brings extensive global leadership experience to the Otovo team. This is our 8th successful acquisition and our largest to date, demonstrating Otovo’s commitment to delivering the highest-quality field services to its partners and customers worldwide.”
“Joining Otovo creates tremendous opportunities to leverage our operational expertise across a broader geographic footprint and integrate Endurance®™, the industry’s premier AI platform, to bring more value to our customers,” said David Touti, Founder and Chief Executive Officer of Green Panel. “Together, we can accelerate our mission to deliver quality, speed and operational excellence in energy services across multiple markets.”
The transaction is subject to completion of due diligence with a satisfactory outcome, as well as the parties entering into definitive agreements. An update will be provided to the market as and when available.
OEM partnership
Green Panel and Otovo have entered a relationship with a large, global original equipment manufacturer (OEM) of batteries, inverters, and other equipment for homes and businesses to support end customers in multiple European markets. The agreements will initially cover Europe, the Middle East, and the United States, among other countries, representing more than 250,000 installations/homes at launch, with the expectation that additional countries will be added over time.
Otovo | otovo.com
Green Panel | https://greenpanel.co.il/homepage-eng/
