Otovo to Acquire Israel’s Green Panel in USD 11 Million Deal to Expand EMEA Energy Services Platform

Norwegian solar and energy services company Otovo has signed a Letter of Intent (LOI) to acquire Israeli energy services provider Green Panel Solar Energy Systems Ltd. in a transaction valued at USD 11 million, marking the company’s largest acquisition to date.

The proposed acquisition forms part of Otovo’s strategy to expand its presence across Europe, the Middle East, and Africa (EMEA) and strengthen its position in the rapidly growing distributed energy services market.

Green Panel specializes in behind-the-meter energy services, including maintenance, logistics, equipment replacement, and field support for solar photovoltaic (PV) systems, battery energy storage systems, electric vehicle (EV) charging infrastructure, and energy management technologies. Through the transaction, Otovo will gain access to Green Panel’s operations in Israel and Hungary, broadening its regional footprint and service capabilities.

According to the companies, Green Panel is expected to generate approximately USD 12.8 million in revenue and USD 2.9 million in adjusted EBIT during 2026, providing Otovo with an established and profitable platform for further growth.

Otovo plans to integrate Green Panel’s operations into its proprietary Endurance AI platform, which is designed to automate service dispatching, scheduling, logistics, and maintenance workflows. The integration is expected to improve operational efficiency, enhance customer service, and support the management of an expanding portfolio of distributed energy assets.

The acquisition also strengthens Otovo’s ability to support solar, battery storage, EV charging, and smart energy infrastructure across multiple markets. In addition, the transaction is expected to support a global original equipment manufacturer (OEM) partnership covering more than 250,000 energy installations across Europe, the Middle East, and the United States.

The deal reflects growing consolidation within the distributed energy services sector as companies seek greater scale and technological capabilities to support the increasing deployment of renewable energy and electrification technologies.

By combining Green Panel’s operational expertise with Otovo’s AI-driven service platform, the company aims to enhance asset performance, improve system reliability, and support the long-term growth of decentralized clean energy infrastructure throughout the EMEA region.