Israel’s Ecoppia Scientific launches IPO on TASE
Ecoppia Scientific, a provider of robotic solutions for photovoltaic solar, has launched an Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE) after successfully completing the public tender phase.
In a statement, Ecoppia has secured £61.5 million from leading institutional investors, with a company valuation of £223.9 million. During the public tender phase, the company says that it marked another meaningful achievement as public demand reached £57.30 million, despite the companying offering shares for just £1.12 million. It adds that during the institutional tender, it received £108 million in demand, yet accepted only £62.18 million.
Discount Capital Underwriting, along with Barak Capital and Orion led the initial offering, it states.
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, the company’s solutions clean 10 million panels every night and have been field-proven to keep solar panels at a year-round peak performance while minimising O&M costs.
The company has more than 16GW of signed agreements, and its cloud-based, water-free, autonomous solutions remove dust on a daily basis by leveraging sophisticated technology and advanced business intelligence capabilities.
Remotely managed and controlled, the Ecoppia platform allows solar sites to maintain peak performance with minimal costs and human intervention. Furthermore, the company’s proprietary algorithms and robotic solutions make day-to-day O&M at solar sites safer, more efficient and more reliable, the statement asserts.
Despite the unique challenges of the ongoing COVID-19 pandemic, Ecoppia says that it has secured more than 10GW of new projects over the last four quarters alone, maintaining a CAGR of booking of over 200 percent in the past six years.
Last July, CIM Group, the US-based investment firm, invested £29.8 million in Ecoppia’s shares, with £14.9 million directly into the company, the statement adds.
Founded in 2013 Ecoppia’s primary stakeholders were prominent international investors and financial institutions, along with CIM Group and Eran and Moshe Meller, who held 21 percent of the company’s shares prior to the IPO.
“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."