Solar panel cleaner RST Cleantech eyes Tel Aviv listing

Israeli solar panel cleaning services provider RST Cleantech is seeking to list its stock through an initial public offering (IPO) on the Tel Aviv Stock Exchange (TASE).

The company did not provide the targeted amount in the IPO prospectus on the Tel Aviv Inventory Alternate (TASE) bourse.

RST Cleantech’s technology is based on using treated water that has been filtered to remove particles that may cause corrosion on the solar panels. It is provided through an automated system but does not incorporate the use of robotic devices. The company is active mainly in Israel but is also doing business in the US and Chile.

In March, Israeli fuel provider and gas station chain operator Sonol poured ILS 15 million (USD 4.7m/EUR 4m) for a 10% stake in RST Cleantech, giving the solar panel cleaning group a valuation of ILS 130 million. Among the company’s other investors is real estate investor Israel Canada (TLV:ISCN) with a 3% stake that it acquired at ILS 5 million.

Other solar panel cleaning companies that are listed on TASE are Ecoppia Scientific Ltd (TASE:ECPA), which in December closed its USD-82.5-million (EUR 70.1m) IPO, Airtouch (TASE:ARTS), and Bladeranger (TASE:BLRN).

(ILS 1.0 = USD 0.310/EUR 0.263)

(USD 1.0 = EUR 0.850)

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