OSLO, Norway--(BUSINESS WIRE)--Jul 9, 2026--
Otovo ASA (Euronext Oslo Børs: OTOVO) today announced the closing of a $7.25 million private placement financing round in Norway, the latest milestone in the Company's rapid international expansion, bringing the total raised to approximately $34 million in nine months. The proceeds will fund Otovo's anticipated acquisition of Green Panel Solar Energy Systems Ltd. (“Green Panel”), Israel’s dominant behind-the-meter energy service provider, accelerating Otovo's expansion of its operations in Europe and the Middle East.
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Highlights
The financing follows a period of rapid expansion for Otovo, which has completed a series of acquisitions since its December 2025 merger as part of a disciplined strategy to build scale in operations and maintenance (“O&M”), solar, storage, and EV charging services. The new capital strengthens Otovo's balance sheet, extends its runway for further consolidation, and deepens its investment in Endurance®, the company's proprietary AI platform.
“This financing gives us the capital to keep executing on the growth strategy we laid out at the time of our merger,” said William J. (John) Berger, CEO of Otovo. “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.”
In June, Otovo announced it entered into a non-binding letter of intent (LOI) to acquire Green Panel for $11 million to be settled partly in cash and in Otovo shares. Green Panel operates the largest solar power command and control center in Israel and brings a profitable business with a dominant market position in the Middle East, adding Hungary and Israel to Otovo’s growing global footprint.
This latest private placement financing round underscores the momentum Otovo has built since its December 2025 merger. In just over six months, the Company has expanded its footprint to 15 countries and 14 U.S. states, grown its customer base to more than 30,000 customers, and raised a total of approximately $34 million in financing to fuel its acquisition-led growth strategy. That combination of geographic reach, customer scale, and capital strength positions Otovo to keep consolidating the fragmented residential and commercial energy services market on both sides of the Atlantic.
About Otovo
Otovo is a technology-enabled 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.
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.
William J. (John) Berger, CEO of Otovo
