Otovo to Acquire Green Panel for $11 Million to Scale Global Energy Services Platform
Strategic Acquisition of Israel’s Dominant Behind-the-Meter Energy Service Provider Expands Otovo’s Presence in Europe and the Middle East
Otovo ASA (Euronext Oslo Børs: OTOVO; “Otovo”), a leading global energy service provider for residential and commercial customers, today 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 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.
