OSLO, Norway, August 24 — Otovo ASA (Euronext Oslo Børs: OTOVO; “Otovo”), a leading provider of behind-the-meter energy services for homes and businesses, today announced definitive agreements for its $11 million acquisition of Green Panel Solar Energy Systems Ltd. (“Green Panel”), which will be the company’s eighth and largest acquisition to date.
The combination creates operations spanning 15 European markets, giving Otovo what it believes is the largest dedicated behind-the-meter service footprint in Europe by country coverage. The enlarged platform brings together profitable field services, logistics warehouses in every market served, AI-driven customer inventory management, and round-the-clock command-center, dispatch and technician capabilities.
Highlights
- Green Panel is expected to add $12.8 million in 2026 revenue and $2.9 million in adjusted EBIT, which if realized will create an immediately profitable addition to Otovo’s platform
- Combined operations span 15 European markets, giving Otovo what it believes is Europe’s largest dedicated behind-the-meter energy service footprint by country coverage
- Endurance™ now manages field operations, warehouses and customer inventory across the enlarged network, giving Otovo real-time control and visibility, and customers faster, more reliable service
“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,” said William (John) Berger, Chief Executive Officer of Otovo. “This is a profitable business with proven field execution that fits directly into our platform. Together, we have the reach, the people and the technology to serve homes, businesses and major equipment partners across the continent. This is our eighth acquisition, our largest to date, and a defining step in building the leading behind-the-meter energy services company in Europe.”
“The scale and reach of this combination will let us win substantially more business with large customers across Europe,” said David Touti. “I’m excited to lead Otovo’s European operations and to deliver the best service to customers across the continent.”
Green Panel provides field service, replacement, maintenance and logistics for residential and commercial solar, battery, EV-charging and load-management systems. Headquartered in Tel Aviv, Israel, it operates Israel’s largest solar power command-and-control center and brings a profitable business with established operations in Hungary. The deal expands Otovo’s footprint to 15 European markets, with Israel serving as a launchpad for growth across the broader EMEA region.
The strategic fit is especially strong in Europe: the combination brings together a multi-country customer platform, logistics warehouses and Endurance™ with Green Panel’s certified field execution, command-center operations and dispatch. Endurance™ supports advanced inventory control and visibility, enabling faster service across the combined European network.
Transaction Details
The Transaction consists of two SPA’s comprising (i) the acquisition of Adma Holdings Ltd. (the “Adma Transaction“), a holding company holding approximately 51% of the issued shares of Green Panel, and (ii) the acquisition of the remaining part of Green Panel (the “Green Panel Transaction“). Both agreements are signed today, and closing remains subject to certain conditions precedent with a long stop date of 15 October 2026 and 15 March 2027 for the Adma Transaction and the Green Panel Transaction respectively. The Green Panel Transaction is subject to the completion of the Adma Transaction, but in the event that the Green Panel Transaction does not close, the Adma Transaction will remain final and binding.
The total purchase price of USD 11 million is subject to customary adjustments for, inter alia, working capital and net debt pursuant to the share purchase agreements, and will be settled through a combination of cash and new shares in Otovo. It is expected that Otovo, as a result of the transactions will issue shares as consideration to the sellers in Green Panel (the “Consideration Shares“) for a total amount of approximately USD 6,000,000. Completion of both transactions remains subject to certain conditions, including satisfactory completion of a financial review, and may in certain circumstances not be completed at all. The Consideration Shares will, subject to closing, be issued at a subscription price of NOK 11.4596 which represents the 30 day’ VWAP of the Company’s shares per 20 August 2026. The Consideration Shares will from the time of issuance be subject to a 12 month’ lock-up period.