Otovo announced it has closed a $7.25 million private placement financing round, bringing the company’s total capital raised over the past nine months to approximately $34 million. The new funding will primarily support Otovo’s planned acquisition of Green Panel Solar Energy Systems Ltd., a leading behind-the-meter energy services provider in Israel, while also funding continued investments in the company’s AI-powered energy platform.
The financing is intended to accelerate Otovo’s expansion across Europe and the Middle East as the company continues executing its acquisition-driven growth strategy. In addition to financing the Green Panel transaction, the proceeds will provide working capital and support ongoing development of Endurance®, Otovo’s proprietary AI platform for monitoring and managing distributed energy assets.
Otovo said the financing reflects continued investor confidence in its technology-enabled energy services model and its ability to integrate acquisitions efficiently. The company also believes the additional capital positions it to pursue future acquisition opportunities as it expands its operations internationally.
The financing follows a period of rapid growth since Otovo’s merger in December 2025. Since then, the company has completed multiple acquisitions aimed at expanding its operations and maintenance (O&M), solar, battery storage, and EV charging capabilities.
In June, Otovo signed a non-binding letter of intent to acquire Green Panel for $11 million, with consideration consisting of both cash and Otovo shares. Green Panel operates Israel’s largest solar power command-and-control center and has an established presence in the country’s distributed energy market. The acquisition would also expand Otovo’s footprint into Israel while strengthening its presence in Hungary.
According to the company, Otovo has expanded its operations to 15 countries and 14 U.S. states since the merger while growing its customer base to more than 30,000 customers. The latest financing further strengthens the company’s balance sheet as it continues consolidating the fragmented residential and commercial energy services market across Europe, the Middle East, and North America.
KEY QUOTE:
“This financing gives us the capital to keep executing on the growth strategy we laid out at the time of our merger. We are moving quickly to acquire and integrate great teams across the United States and Europe, and next in the Middle East. This round lets us build on that momentum while we invest in the AI technology that sets our platform apart. We’re grateful for the continued support of our investors as we execute on our strategy to become the leading global technology-enabled energy services company, with the near-term goal of achieving positive cash flow from operations.”
William J. (John) Berger, CEO of Otovo
