Otovo announced that it has entered into a letter of intent to acquire Green Panel Solar Energy Systems for $11 million.
The transaction will be settled partly in cash and partly in Otovo shares. Green Panel is a behind-the-meter energy service provider headquartered in Tel Aviv, Israel, with expanding operations in Europe.
The acquisition is expected to expand Otovo’s presence in the Middle East and strengthen its global energy services platform. Green Panel provides field service, replacement, maintenance, and logistics services for residential and commercial energy systems, including solar systems, batteries, EV chargers, and load management equipment.
Green Panel operates the largest solar power command-and-control center in Israel and brings an established field service operation across Israel, Hungary, and the broader EMEA region. The company is expected to generate revenue of $12.8 million and adjusted EBIT of $2.9 million in 2026.
The transaction also adds Hungary and Israel to Otovo’s global footprint while expanding the company’s existing base of more than 30,000 customers.
Otovo said the acquisition will combine its European and North American energy services footprint with Green Panel’s field service expertise, logistics capabilities, technician operations, and customer relationships.
The companies also expect synergies from integrating Green Panel’s field operations into Otovo’s Endurance AI platform, which monitors installed equipment and optimizes the service process from issue detection to resolution.
The acquisition also supports Otovo’s entry into a service agreement with a large global original equipment manufacturer of solar and energy storage equipment. The agreement is expected to cover more than 250,000 installations at launch across multiple European markets, significantly expanding Otovo’s addressable customer base beyond its existing 1.4 million legacy customers.
The OEM relationship will initially cover Europe, the Middle East, the United States, and other countries, with additional markets expected to be added over time.
The transaction remains subject to satisfactory completion of due diligence and the parties entering into definitive agreements. Otovo said it will provide an update when available.
Otovo is an AI-native energy services company operating in Europe and the United States. The company provides real-time equipment monitoring, repairs, power supply, and grid participation services through its Endurance AI platform.
KEY QUOTES:
“Green Panel’s leadership in the Israeli market, combined with their operational excellence and established command and control infrastructure, makes them an ideal addition to our global energy services platform. We’re excited to welcome David Touti, an industry veteran that brings extensive global leadership experience to the Otovo team. This is our 8th successful acquisition and our largest to date, demonstrating Otovo’s commitment to delivering the highest-quality field services to its partners and customers worldwide.”
William “John” Berger, Chief Executive Officer of Otovo
“Joining Otovo creates tremendous opportunities to leverage our operational expertise across a broader geographic footprint and integrate Endurance, the industry’s premier AI platform, to bring more value to our customers. Together, we can accelerate our mission to deliver quality, speed and operational excellence in energy services across multiple markets.”
David Touti, Founder and Chief Executive Officer of Green Panel
