The tremendous appetite of investors in the Tel Aviv Stock Exchange for green energy businesses has proven an incentive for companies in the spin-offs to go into IPO as well. The third company in a few months’ time to deal in solar panel cleaning robots is now on its way to the local stock market. The company in question is Airtouch Solar, which, as far as is known, is seeking to raise 80 million shekels ($ 25 million) with a prior valuation of 500 million shekels. Airtouch Solar, founded in 2016 by its president, Janir Alloush, develops, manufactures, sells, operates and maintains robotic solutions for dry cleaning (without water) for photovoltaic panels, in order to maximize production. The company says its solutions are controlled by a computer system that the user can manage, control and control from anywhere. The company’s main activity is currently in Israel. In the coming months, she will start doing business in India as well.
Besides Alloush, the main shareholder in Airtouch Solar is Kibbutz Revivim in the Negev, which signed a control agreement with Alloush prior to the IPO. Other contributors include Meshek Energy Solar (TASE: MSKE), which announced at the start of the month a $ 2 million investment in 4% of Airtouch Solar; A fund managed by Gabe Dishi and Michael Weiss, owners of the Alpha Fund; And Poalim IBI, who will lead the show. The draft prospectus published by Airtouch Solar reveals, among other things, a dispute with its rival Ecoppia (TASE: ECPA), which was the first solar panel cleaning robot company to be listed on the Tel Aviv Stock Exchange, in November of last year. Ecoppia filed copyright infringement claims against Allouche and Airtouch Solar. Ecoppia claims that Airtouch Solar’s business relies entirely on Ecoppia’s trade secrets and intellectual property rights, and Allouche’s exposure to Ecoppia’s business while working for Arava Power Solar helped Airtouch Solar provide resources and quickly reach the market, illegally influencing itself on the Ecoppia account . For their part, Airtouch Solar and Allouche rejected Ecoppia’s claims outright, saying “This is an attempt by Ecoppia to harm the company and Mr. Alloush.” Although Airtouch Solar says there is no basis for Ecoppia’s claims, it states that if the matter reaches the court and is done Support the allegations, and this “could represent a significant exposure to the company.” Airtouch Solar has pledged to bear Allouche’s legal costs in this matter up to $ 1 million, and to provide it with compensation of up to $ 4 million. Ecoppia, in which the largest shareholder is the US CIM Group, was founded by Richard Ressler, Shaul Kuba and Avi Shemesh, along with the company’s founders Moshe and Iran Miller, in which Shaul Shani, Leon Recanati and Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) also participated It invests, develops and maintains robotic solar panel cleaning systems, and also has its primary activity in Israel and India. Related articles Tel Aviv tech stocks are flowing well CIM is investing $ 40 million in an Israeli solar panel cleaning company. Ecoppia Ecoppia has a market cap of 1.3 billion shekels. The public offering in November came after a round of fund-raising worth 280 million shekels. Less than two weeks later, Blade Ranger (TASE: BLRN), which operates in the same industry, also held an initial public offering, since its share price rose by 80%, giving it a current market value of more than 200 million shekels. Airtouch Solar is generating very little revenue at this point. In 2020, the total revenues amounted to 700 thousand shekels, since the start of the activity with customers, and a loss of 4 million shekels. In 2018-2019 she had absolutely no income, and she lost a total of 7 million shekels. As far as is known, the first customer of Airtouch Solar is one of the oldest solar energy companies on the Tel Aviv Stock Exchange, Enlight Renewable Energy (TASE: ENLT), which has a market value of 5 billion shekels. Airtouch Solar also goes through various stages of negotiations with other players in the industry. Airtouch Solar’s auditors are calling the attention of investors to the company’s need to “increase other sources of financing in order to generate regular positive cash flows to fund its activity”. The Airtouch Solar plant is located in Har Tuv Industrial Park next to Beit Shemesh. The company employs about twenty people. The company’s CEO is Nick Lanier Brown, and its vice president of business development is Erez Schweb, husband of Sharon Schweb, one of the people behind REIT Menivim and the former CEO of income-producing real estate company Bayside Land Corp. Ltd. (Jaf Yam) (TASE: BYSD1). Posted by Globes, Israel business news – en.globes.co.il – February 8, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021