Otovo ASA, a provider of behind-the-meter energy services for homes and businesses, said Tuesday it has signed definitive agreements to acquire Green Panel Solar Energy Systems Ltd. for $11 million, expanding its operations into 15 European markets in its eighth and largest acquisition to date, the company said in a statement Monday.
The deal will give Otovo what it describes as Europe's largest dedicated behind-the-meter energy services footprint by country coverage, combining its existing European network with Green Panel's operations in Israel and Hungary.
Green Panel is expected to add $12.8 million in revenue and $2.9 million in adjusted EBIT in 2026. If achieved, the acquisition will immediately add a profitable business to Otovo's platform.
The combined operation will bring together field services, logistics warehouses, AI-driven customer inventory management, and 24-hour command-center, dispatch, and technician capabilities across the enlarged network, Otovo said.
"Green Panel changes the scale of what Otovo can do in Europe," Otovo Chief Executive William Berger said. "This is a profitable business with proven field execution that fits directly into our platform."
Green Panel, headquartered in Tel Aviv, provides field service, replacement, maintenance and logistics for residential and commercial solar, battery, electric-vehicle charging and load-management systems. It operates Israel's largest solar power command-and-control center and has established operations in Hungary.
The acquisition will give Otovo coverage across Northern, Western, Central and Southern Europe, as well as Israel. Otovo said Israel will serve as a launchpad for broader growth across Europe, the Middle East and Africa.
Otovo said its Endurance platform will manage field operations, warehouses and customer inventory across the enlarged network, providing real-time visibility and supporting faster service.
The transaction comprises two agreements. Otovo will first acquire Adma Holdings Ltd., which owns about 51% of Green Panel, followed by the remaining shares. The first transaction has a long-stop date of Oct. 15, and the second March 15.
The $11 million purchase price is subject to customary adjustments for working capital and net debt. About $6 million is expected to be paid in new Otovo shares, issued at 11.4596 Norwegian Krone ($1.23) each, with a 12-month lock-up.