Otovo, a company that provides behind-the-meter energy services, has signed definitive agreements to acquire Green Panel Solar Energy Systems for $11 million. The transaction is expected to be Otovo’s eighth and largest acquisition to date. The company said the combined operations will span 15 European markets.

Green Panel, headquartered in Tel Aviv, Israel, provides field services, equipment replacement, maintenance, and logistics for residential and commercial solar, battery storage, electric vehicle charging, and load management systems. The company also operates in Hungary.

The transaction comprises two separate share purchase agreements. Under the first agreement, Otovo will acquire Adma Holdings, which owns approximately 51% of Green Panel’s issued shares. The long-stop date for completing the Adma transaction is October 15, 2026.

Under the second agreement, Otovo will acquire the remaining Green Panel shares. Completion is subject to the closing of the Adma acquisition and has a long-stop date of March 15, 2027.

Completion of both transactions remains subject to conditions, including satisfactory completion of a financial review. Otovo said the agreements could remain uncompleted under certain circumstances. If the acquisition of the remaining Green Panel shares does not close, the Adma transaction will remain final and binding.

Otovo said Green Panel is expected to contribute $12.8 million in revenue and $2.9 million in adjusted earnings before interest and taxes in 2026.

The company expects to issue approximately $6 million worth of shares to Green Panel’s sellers. Subject to closing, the consideration shares will be issued at a subscription price of NOK11.45 (~$1.23) per share, representing the 30-day volume-weighted average price of Otovo’s shares as of August 20, 2026. The consideration shares will be subject to a 12-month lock-up period from the date of issuance.

Green Panel operates a solar power command and control center in Israel. Otovo plans to combine Green Panel’s field service and dispatch operations with its customer platform, logistics warehouses, and Endurance inventory management system.

The $11 million purchase price is subject to customary adjustments, including working capital and net debt adjustments. Otovo plans to pay the consideration through a combination of cash and newly issued shares.

In July 2026, Otovo raised $7.25 million through a private placement to help finance its proposed acquisition of Green Panel Solar Energy Systems.

Earlier, the company had entered into a definitive agreement to acquire Solar Service Professionals, a California-based solar service provider with an installed customer base of 38,000 customers.

In 1H 2026, corporate M&A activity in the solar sector increased to 57 transactions compared to 50 transactions in the first half of 2025, as per the recently released Mercom’s 1H and Q2 2026 Solar Funding and M&A Report.