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Solar PV pioneer Ecoppia launches IPO at Tel Aviv exchange

December 7, 2020
real estate

HERZELIYA (Israel), 14 hours, 19 minutes ago

Ecoppia Scientific, a pioneer and world leader in 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.

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.

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 a year-round peak performance while minimizing O&M costs.

Despite the unique challenges of the ongoing Covid-19 pandemic, Ecoppia has secured more than 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.

Lauding investors for their overwhelming support, CEO Jean Scemama said: 'Ecoppia serves a rapidly growing global market, and has demonstrated strong technological supremacy in all our operational regions.'

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.

'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 added.

Ecoppia’s cloud-based, water-free, autonomous robotic systems remove dust from solar panels on a daily basis leveraging sophisticated technology and advanced business intelligence capabilities, stated Scemama.

Remotely managed and controlled, the Ecoppia platform allows solar sites to maintain peak performance with minimal costs and human intervention, he noted.

Ecoppia’s proprietary algorithms and robotic solutions make day-to-day O&M at solar sites safer, more efficient and more reliable.

Publicly held and backed by prominent international investment funds, Ecoppia works with the largest energy companies across the globe, cleaning millions of solar panels every day, he added.