Israeli solar panel cleaning robots company, Ecoppia, bags USD 80M in successful IPO launch

Ecoppia Scientific has raised USD 82.5 million from its initial public offering (IPO) in Tel Aviv.


KEY POINTS
  • Ecoppia Scientific has raised USD 82.5 million from its initial public offering (IPO) in Tel Aviv.
  • The listing values the company at around USD 300 million.
  • Ecoppia completed the floatation on the Tel Aviv stock exchange after a public tender phase in which it offered stock for only USD 1.5 million.

Isreal — Ecoppia Scientific launched an initial public offering (IPO) on the Tel Aviv Stock Exchange (TASE) after successfully completed the public tender phase.



Ecoppia secured $82.5 million from leading institutional investors with a company valuation of $300 million.

During the public tender phase, Ecoppia marked yet another meaningful achievement as public demand reached $76.74 million, despite the fact that the company offered shares for just $1.5 million. During the institutional tender, Ecoppia received $144.7 million in demand, yet accepted only $83.3 million. Discount Capital Underwriting along with Barak Capital and Orion led the initial offering.

Ecoppia offers fully autonomous, water-free robotic cleaning solutions for PV modules, ideally for large scale PV installations located in dry and arid regions. Deployed globally in utility-scale sites operated by leading energy players on three continents, Ecoppia’s solutions clean 10 million panels every night and have been field-proven to keep solar panels at year-round peak performance while minimizing O&M costs.

Despite the unique challenges of the ongoing COVID-19 pandemic, Ecoppia has secured over 10GW of new projects over the last four quarters alone, maintaining a CAGR of booking of over 200% in the past six years.

Last July, CIM Group, the US-based investment firm, invested $40 million in Ecoppia’s shares, with $20 million directly into the company.

Ecoppia was founded in 2013 by Eran and Moshe Meller, who held 21% of the company’s shares prior to the IPO. Along with the CIM Group and the Mellers, the company’s primary stakeholders, prior to the IPO, were prominent international investors and financial institutions.

“I would like to thank our investors for their trust in Ecoppia,” said Ecoppia’s CEO, Jean Scemama. “Ecoppia serves a rapidly growing global market and has demonstrated strong technological supremacy in all our operational regions. It is expected that manual cleaning for large-scale solar sites will become irrelevant in the coming years. Ecoppia is best positioned to maintain our competitive advantage while expanding the variety of offered services to our tier-1 clients,” he concluded.

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