Oslo, Norway, March 2, 2026 - Otovo ASA ("Otovo"), a leading home energy service
provider, today announced it has entered into an MOU with the Israeli energy
service group Green Panel, to form Otovo GP, a new 50/50 joint venture
established to provide field service, replacement, maintenance, and logistics
services for residential and commercial energy systems across Europe. Subject to
definitive agreements and satisfaction of closing conditions, it is expected
that the joint venture will be established within the first half of 2026.
Otovo GP is expected to enter into an agreement in the near term 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 expected agreement would initially cover Spain, Portugal, Sweden,
Norway, and Slovenia, among other countries, representing more than 250,000
installations/homes at launch, with the expectation that additional countries
will be added over time as Otovo GP demonstrates strong performance in resolving
customer issues and meeting service requirements.
"This joint venture creates a scalable platform to deliver high quality field
services across Europe for a major global OEM. We believe the combination of
Otovo's breadth and Green Panel's service
expertise positions Otovo GP to solve customer problems quickly and
consistently," said William (John) Berger, Chief Executive Officer of Otovo.
"Although Otovo already has one of the largest geographic service capability
footprints in the world, this JV represents another significant step in Otovo's
strategy to deliver scaled service capabilities to partners addressing power
service needs for homeowners and businesses. The joint venture will add both
scale and operational depth to solving customer service challenges across
Europe."
"We are excited to partner with Otovo to build Otovo GP into a multi country
field service operation focused on execution quality and operational
excellence," said David Touti, Founder and Chief Executive Officer of Green
Panel.
Otovo GP will combine Otovo's pan European footprint and operating capabilities
with Green Panel's established field service experience to build a scaled, multi
country field service platform. The joint venture is designed to solve customer
problems with solar, batteries, EV chargers, and load management equipment and
systems quickly and efficiently through a unified service model spanning
dispatch, logistics coordination, and on-site execution by certified
technicians, as customers increasingly expect faster resolution, clearer
accountability, and consistent standards across borders.
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