Ecoppia's panel cleaning solution in action. Image: Ecoppia.
Solar O&M solutions provider Ecoppia has launched an initial public offering (IPO) after securing more than US$82.5 million through a public tender phase.
The tender secured US$82.5 million from institutional investors, valuing the company at US$300 million, Ecoppia said.
The tender was oversubscribed, with Ecoppia receiving expressions of interest totalling US$144.75 million received from institutional investors. Public demand within the tender phase was also oversubscribed with US$76.74 million of interest recorded despite just US$1.5 million of allocated shares.
Ecoppia is now to list on the Tel Aviv Stock Exchange.
While no specific details were provided as to how the proceeds of the offering are to be spent, Ecoppia states that it has more than 16GW of signed agreements for its cloud-based solar panel cleaning solution, which uses robotics to clean solar panels without the use of water or manpower.
Ecoppia said its solutions clean 10 million operational solar panels each night, helping to minimise ongoing operations and maintenance costs for asset owners and operators.
The fund raise comes months after Ecoppia received a US$40 million investment from US investor CIM Group, which acquired US$40 million of shares in Ecoppia, with US$20 million of investment ploughed directly into the company.
CIM Group and the company’s founders, Eran and Moshe Meller, held 21% of Ecoppia’s shares prior to the IPO, with other international investors and institutions owning the remaining 79%.
“Ecoppia serves a rapidly growing global market, and has demonstrated strong technological supremacy in all our operational regions. It is expected that manual cleaning for large-scale solar sites will become irrelevant in the coming years. Ecoppia is best positioned to maintain our competitive advantage while expanding the variety of offered services to our tier-1 clients,” Jean Scemama, chief executive officer at Ecoppia, said.