Israel’s Robotic Solar Module Cleaning Company Airtouch Raises $18 Million In An IPO
Israeli solar cleaning robot company Airtouch Solar has completed an IPO and raised $ 18 million on a post-money valuation of $ 124 million, mainly from leading institutional investors in the Israeli capital market.
The IPO was led by Poalim IBI Underwriters, the Goldfarb Seligman law firm and the accounting firm BDO. The company’s shares will be traded on the Tel Aviv Stock Exchange under the title “ARTS” over the next few days.
The company develops, produces, markets and offers cleaning robots for photovoltaic (PV) panels used in the solar market. The company’s headquarters and manufacturing facility are located in Israel and the company actively sells its products in Israel and India.
The company also holds a number of intellectual property and patents in various stages of registration around the world. The company claims that the anhydrous robotic cleaning solution it has developed is ideal for solving the problems of solar developers due to the accumulation of dust on the solar panels.
The company said the target market for robotic cleaning robots is around $ 11 billion. Currently 95% of the solar systems work without cleaning robots.
Yanir Alloush, Founder and Chief Executive Officer: “We are proud of the company’s earnings and achievements to date, but believe that the market is only just beginning. Robotic cleaning for the PV modules is a cornerstone that brings important advances to the world of solar energy. Airtouch will continue to develop intelligent and precise robotic solutions for solar developers. “
In addition to founder Allouche, the company’s shares are held by its strategic partner, Meshek Energy Holdings Ltd., Kibbutz Revivim, a company affiliated with Alpha Investment Fund, and Poalim IBI Underwriters Ltd.
The company’s CEO, Nick Lanir Brown, said, “The company’s IPO is an important milestone in the company’s development. With the funds raised, we plan to continue investing in research and development in view of the growing demand for its products, to open up further global markets and to significantly increase sales and services. We would like to thank our investors, partners and the growing customer base for choosing Airtouch Solar as their preferred system for cleaning solar modules. “
The company intends to increase its production capacity to meet the increased demand for its products and is examining, among other things, the possibility of setting up an additional production facility in India.
In December 2020, Ecoppia, a provider of cleaning robots for large solar systems, went public on the Tel Aviv Stock Exchange. Ecoppia raised $ 82.5 million from leading institutional investors with a company valuation of $ 300 million.
Rahul is a reporter at Mercom India. Prior to entering the renewable energy world, Rahul was the director of the Gujarat office for The Quint. He has also worked for DNA Ahmedabad and Ahmedabad Mirror. Rahul has a background in banking and finance and has also worked for JP Morgan Chase and the State Bank of India. More articles from Rahul Nair.
Source: carpetandupholsterycleaningdaily
