Strategic Acquisition of Israel’s Dominant Behind-the-Meter Energy Service Provider Expands Otovo’s Presence in Europe and the Middle East

OSLO, Norway--(BUSINESS WIRE)--Jun. 16, 2026-- Otovo ASA (Euronext Oslo Børs: OTOVO; “Otovo”), a leading global energy service provider for residential and commercial customers, today announced it has entered into a letter of intent (LOI) to acquire Green Panel Solar Energy Systems Ltd. (“Green Panel”) for $11 million to be settled partly in cash and in Otovo shares. Green Panel is Israel’s dominant behind-the-meter energy service provider with expanding European operations.

• Green Panel is expected to generate revenue and adj. EBIT of $12.8 million and $2.9 million, respectively, in 2026
• At completion this acquisition will accelerate Otovo’s expansion into the Middle East and further strengthens its position as a global leader
• Synergies expected through integration of Green Panel's field operations onto the Endurance^®™ AI platform, automating intake, dispatch, scheduling and supply chain
• Acquisition also enables Otovo to enter into a service agreement with a leading global OEM of solar and energy storage equipment, covering 250,000+ installations at launch across multiple European markets, representing a significant expansion of Otovo's addressable customer base beyond its existing 1.4 million legacy customers

Green Panel provides field service, replacement, maintenance, and logistics services for residential and commercial energy systems, including solar, batteries, EV chargers, and load management equipment. It operates the largest solar power command and control center in Israel and brings a profitable business with a dominant market position. The acquisition adds Hungary and Israel to Otovo’s growing global footprint, extending its geographic reach and service capabilities, while further expanding the company’s existing base of more than 30,000 customers.

The acquisition will combine Otovo’s pan-European and North American (EMEA) footprint with Green Panel’s established field service experience in Israel, Hungary, and the broader EMEA region. Green Panel’s proven capabilities in dispatch, logistics coordination, and on-site execution by certified technicians complement Otovo’s AI-Native platform, Endurance^®™, which continually monitors installed equipment and optimizes the entire service process from problem detection to resolution.

“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,” said William (John) Berger, Chief Executive Officer of Otovo. “We’re excited to welcome David Touti, an industry veteran that brings extensive global leadership experience to the Otovo team. This is our 8^th successful acquisition and our largest to date, demonstrating Otovo’s commitment to delivering the highest-quality field services to its partners and customers worldwide.”

“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,” said David Touti, Founder and Chief Executive Officer of Green Panel. “Together, we can accelerate our mission to deliver quality, speed and operational excellence in energy services across multiple markets.”

The transaction is subject to completion of due diligence with a satisfactory outcome, as well as the parties entering into definitive agreements. An update will be provided to the market as and when available.

OEM partnership

Green Panel and Otovo have entered a relationship with a large, global original equipment manufacturer (OEM) of batteries, inverters, and other equipment for homes and businesses to support end customers in multiple European markets. The agreements will initially cover Europe, the Middle East, and the United States, among other countries, representing more than 250,000 installations/homes at launch, with the expectation that additional countries will be added over time.

About Otovo
Otovo is an AI-Native energy services company in Europe and the United States. We combine real-time equipment monitoring, rapid repairs, dependable power supply, and grid participation into a single, seamless service–delivering maximum service at a minimal cost. Endurance^®™, Otovo's industry-leading AI platform, continually monitors installed equipment in homes and businesses, optimizes the entire service process from problem detection to resolution, and coordinates repairs around the clock. “Your Power, Backed by Ours.” Otovo is listed on the Euronext Oslo Stock Exchange under the ticker OTOVO. Visit us at otovo.com.

About Green Panel
Green Panel is a Tel Aviv, Israel headquartered field services company supporting residential and commercial energy equipment across multiple markets in the Europe, Middle East and Africa (EMEA) region. The company provides on-site service execution, logistics coordination, and technician operations for solar and related home energy systems.

The above includes forward-looking statements including goals, projections, targets, and plans based on current expectations and assumptions. Actual results may differ materially due to risks and uncertainties, including those described below. We do not undertake to update forward-looking statements except as required by law. This is not an offer to sell securities.

Execution risks include: the ability to hit sales, margin, and deployment timelines; dependency on third-party installers/OEMs and data providers; variability in customer acquisition cost and payback; working-capital and financing availability; regulatory and compliance changes (telemarketing/TCPA, privacy, and state consumer rules); concentration of customers and partners; technology and data security incidents; and general economic conditions that affect demand and pricing.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, statements regarding the company’s expectations, plans, objectives, strategy, future operations, business performance, financial condition, prospects, growth opportunities, market position, anticipated benefits of transactions or initiatives, and other statements that are not historical facts. Forward-looking statements may be identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions.

These forward-looking statements are based on current expectations, assumptions, estimates, and projections and are subject to risks, uncertainties, and other factors, many of which are beyond the company’s control, that could cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, market conditions, regulatory developments, competitive pressures, customer demand, supply chain constraints, macroeconomic conditions, execution risks, and other risks described in the Company’s public filings or other disclosures, if applicable.

The company undertakes no obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events, or otherwise, except as required by applicable law. Readers should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.

DISCLOSURE REQUIREMENT: This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements in section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by Eleanor Gilbane, general counsel, at the time and date stated above in this announcement.

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Matt Dallas
917-363-1333
matt.dallas@icrinc.com

Source: Otovo ASA