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Solar O&M solutions provider Ecoppia has gone public after securing more than $ 82. 5 million through a public tender phase.
The tender secured $ 82. 5 million from institutional investors who value the company at $ 300 million, Ecoppia said.
The tender was oversubscribed and Ecoppia received expressions of interest totaling US $ 144. Received 75 million from institutional investors. The public demand within the tendering phase was also oversubscribed by USD 76. Despite only $ 1, it recorded 74 million in interest. 5 million shares allotted.
Although no specific details have been given about how the proceeds of the offer will be spent, Ecoppia claims it has more than 16 GW signed agreements for its cloud-based solar panel cleaning solution, which uses robotics to clean solar panels without the use of water or labor.
Ecoppia said its solutions clean 10 million operational solar panels every night, helping to minimize ongoing operational and maintenance costs for facility owners and operators.
The fundraising comes months after Ecoppia received a $ 40 million investment from U.S. investor CIM Group, which acquired $ 40 million in Ecoppia and sold $ 20 million Invested directly in the company.
CIM Group and the company’s founders, Eran and Moshe Meller, held 21% of Ecoppia’s shares prior to the IPO, while other international investors and institutions owned the remaining 79%.
“Ecoppia serves a rapidly growing global market and has demonstrated strong technological leadership in all operating regions. It is expected that manual cleaning of large solar systems will no longer play a role in the coming years. Ecoppia is best positioned to maintain our competitive advantage while expanding the variety of services offered to our tier 1 customers, ”said Jean Scemama, CEO of Ecoppia.
IPO, TASE, photovoltaics, solar panels, renewable energies
World news – AU – The robot solar cleaning specialist Ecoppia receives 82 US dollars. 5m when going public
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Ref: https://www.pv-tech.org
