Ecoppia, a provider of robot cleaning solutions for large solar panels, has launched an IPO for the Tel Aviv stock exchange (TASE).
Ecoppia landed $ 82. 5 million from leading institutional investors with a company valuation of $ 300 million. During the public supply phase, demand reached $ 76. 74 million since the company offered shares for just $ 1. 5 million. During the institutional offering, Ecoppia received $ 144. 7 million asked but only accepted $ 83. 3 million.
Ecoppia offers fully autonomous, water-free robotic cleaning solutions for solar modules, ideal for large solar systems in arid and arid regions. Ecoppia said it had secured more than 10 GW of new projects in the past four quarters and has achieved an average annual growth rate (CAGR) of over 200% over the past six years.
In July of this year, U. . S.. . The CAS Group-based investment firm had invested $ 40 million in the shares of Ecoppia and invested $ 20 million directly in the company.
Ecoppia was founded in 2013 by Eran and Moshe Meller, who held 21% of their shares before the IPO. In addition to the CIM Group and the Mellers, the company’s most important stakeholders before the IPO were prominent international investors and financial institutions.
“It is expected that manual cleaning for large solar systems will become irrelevant in the coming years. Ecoppia is best positioned to maintain our competitive advantage while expanding the variety of services it offers to our Tier 1 customers, ”he concluded.
Ecoppia was the leading provider of robotic cleaning systems in India in December 2019, according to the data report from Mercom India Research, India Solar Market Leaderboard 2020.
The robot cleaning of solar panels is gaining importance in India with increasing water scarcity. Module cleaning robots make extensive manual work superfluous and increase power generation. Most of the big developers have used robotic cleaning systems in large solar parks such as REWA, Bhadla and Pavagada. The Indian Ministry of New and Renewable Energy has also recommended the use of robotic cleaning technology, which uses less water to clean solar projects.
IPO, TASE, photovoltaics, solar energy, solar panel, renewable energy
World news – GB – Manufacturer of robotic solar solutions Ecoppia goes public on the Tel Aviv Stock Exchange – Mercom India
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