Otovo signs €9.4 million Green Panel deal to build Europe-wide AI energy services network

Norwegian energy services company Otovo has signed definitive agreements to acquire Green Panel Solar Energy Systems for approximately €9.4 million, advancing a transaction designed to create one of Europe’s broadest service networks for solar panels, batteries, electric-vehicle chargers and other distributed energy assets.

The deal represents a significant step beyond the non-binding letter of intent announced in June. If completed, it will become Otovo’s eighth and largest acquisition and expand a business model increasingly focused on maintenance, monitoring, repairs and long-term services, rather than relying exclusively on new solar installations.

The transaction will be executed through two separate share purchase agreements. Otovo will first acquire Adma Holdings, which owns approximately 51% of Green Panel, before purchasing the remaining shares in the Israeli company.

The first transaction has a contractual long-stop date of October 15, 2026, while the agreement covering the remaining stake has a deadline of March 15, 2027. The second stage depends on completion of the Adma acquisition, although the first transaction will remain binding even if the purchase of the remaining interest does not close.

The total consideration will combine cash and newly issued Otovo shares and remains subject to customary adjustments for working capital and net debt. Approximately €5.1 million of the purchase price is expected to be settled through new shares issued to Green Panel’s sellers.

Headquartered in Tel Aviv, Green Panel provides field services, replacements, maintenance and logistics for residential and commercial energy systems. Its operations cover solar installations, batteries, EV chargers and load-management equipment, supported by certified technicians and what the company describes as Israel’s largest solar command-and-control centre.

Green Panel also operates in Hungary and across the broader Europe, Middle East and Africa region. Otovo expects the company to generate approximately €11 million in revenue and €2.5 million in adjusted EBIT during 2026. If those projections are achieved, the acquisition would add a profitable operation from the outset.

The strategic value extends beyond Green Panel’s financial contribution. Otovo plans to integrate the acquired company’s field operations, warehouses, logistics and customer inventory into Endurance, its proprietary artificial-intelligence platform.

Endurance monitors energy equipment installed in homes and businesses and is designed to coordinate the entire service cycle, from identifying a problem to dispatching technicians, scheduling repairs and managing replacement components. By adding Green Panel’s command centre and operational infrastructure, Otovo aims to gain real-time visibility across a larger international network.

The combined business will operate across 15 European markets, giving Otovo what it believes will be the continent’s largest dedicated behind-the-meter energy services footprint measured by country coverage. Israel will also provide a base for further expansion across the wider EMEA region.

“Green Panel changes the scale of what Otovo can do in Europe,” CEO William John Berger said when announcing the definitive agreements.

Another important part of the transaction is a relationship with an undisclosed global manufacturer of batteries, inverters and other solar and energy-storage equipment. The partnership is expected to cover more than 250,000 installations at launch across Europe and other international markets.

That agreement could significantly expand Otovo’s addressable customer base and strengthen its ability to compete for large contracts with equipment manufacturers seeking a single partner capable of providing consistent field services across multiple countries.

The acquisition forms part of a wider consolidation strategy launched after Otovo’s merger with Houston-based Onvis in December 2025. Since then, the company has bought service providers and operating portfolios in Europe and the United States, bringing each business onto the Endurance platform.

In July, Otovo raised approximately €6.2 million through a private placement intended primarily to finance the Green Panel transaction and support further investment in Endurance. That operation brought the company’s total capital raised over nine months to around €29 million.

The strategy reflects a broader shift in the solar industry. As the installed base of panels, batteries and home-energy systems expands, maintenance and repair are becoming larger markets in their own right. Many assets are also left without effective support when their original installers close or withdraw from particular countries.

Otovo is seeking to consolidate that fragmented service market by combining local technicians and logistics operations with a centralised AI system. More equipment under management could provide greater operational data, improve scheduling and spread technology costs across a larger customer base.

The model still carries execution risks. Otovo must integrate businesses operating across different regulatory environments, demonstrate that Endurance can deliver the promised efficiencies and manage the dilution associated with issuing new shares. Completion also remains subject to contractual conditions.

Nevertheless, the Green Panel deal moves Otovo closer to becoming something broader than a solar installer. The company is attempting to build a technology-enabled service layer for Europe’s growing stock of distributed energy equipment — and to position itself between global manufacturers, local technicians and millions of homes and businesses increasingly dependent on those systems.