1 Praise the LORD.Praise, O servants of the LORD, praise the name of the LORD.2 Let the name of the LORD be praised, both now and forevermore.
The same sentiment is in both verses, but in verse 1, it's in active voice ("praise the name of the LORD") and in verse 2, it's in passive voice ("let the name of the LORD be praised"). In a way, this is a merism of verb voices, and it emphasizes this command. Additionally, it mirrors the temporal merism at the end of the second verse ("now and forevermore") and the spatial/temporal merism in verse 3, which I wrote about a few years ago.
This feature is also present in my German Psalter ("lobet den Namen des HERRN! Gelobt sei der Name des HERRN"), but it's not in any of the other translations I referenced nor in Hebrew, where these are two different verbs. Most of the other translations have some version of "Blessed be the name of the LORD" in the second verse.