Fresh capital funds Otovo's recent acquisition and fuels the continued build-out of its technology-enabled energy services platform in Europe and the Middle East
OSLO, Norway, July 09, 2026--(BUSINESS WIRE)--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.
Highlights
Otovo raised $7.25 million in gross proceeds through the financing round
Proceeds to fund the Company's anticipated acquisition of Green Panel
The round reflects continued investor confidence in Otovo's technology-enabled approach to distributed energy services and its track record of integrating acquisitions quickly and profitably
Additional capital will support working capital and continued investment in the Endurance® AI platform
Positions Otovo to continue pursuing acquisition opportunities as it builds toward becoming the leading technology-enabled energy services company on both sides of the Atlantic
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.