PV cleaning robots maker Ecoppia's IPO reaps USD 82.5m

Ecoppia Scientific Ltd (TASE:ECPA), the Israeli provider of water-free solar panel cleaning robots, has raised USD 82.5 million (EUR 68.9m) from its initial public offering (IPO) in Tel Aviv.

The listing values the company at around USD 300 million, it said in a press release on Tuesday.

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. An institutional tender round followed and attracted USD 144.7 million in demand, while only USD 83.3 million was accepted.

Discount Capital Underwriting along with Barak Capital and Orion led the initial offering.

Last July, Ecoppia secured a USD-40-million financing commitment from US real assets owner, developer and lender CIM Group, which became its largest investor. Prior to the IPO, its founders Eran and Moshe Meller held 21% of the company’s stock.

The Ecoppia water-free robots clean solar panels without human interference and are remotely managed through a cloud-based control system. Among the company’s tier-1 energy clients are France’s Engie (EPA:ENGI), EDF (EPA:EDF), Finnish utility Fortum Oyj (HEL:FORTUM), private equity firm Actis and others. The Israeli firm says it has over 16 GW of signed agreements, with more than 10 GW of the orders received over the last four quarters.

(USD 1.0 = EUR 0.835)

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