Robotic solar cleaning specialist Ecoppia lands US$82.5m in IPO

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
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.

Read Next

January 18, 2022
Corporate funding in the global solar sector reached a ten-year high in 2021 as the industry recovered from a COVID-affected 2020, new research from Mercom Capital Group reveals.
January 17, 2022
US independent power producer DESRI is planning to raise up to US$100 million in an initial public offering (IPO) that will see the company listed on the Nasdaq.
January 14, 2022
SMA Solar has cut its earnings forecast for the year by more than half pending a contract issue affecting its operations and maintenance business.  
January 6, 2022
JinkoSolar has revealed new details regarding its prospective initial public offering (IPO), confirming an offering schedule, placement size and that n-type cell and modules will be the focus of capacity expansions.
January 4, 2022
A round-up of the latest solar news from the end of 2021, including Jinko Solar getting one step closer to listing its main subsidiary on the STAR Market, Massachusetts greenlighting more than 175MW of delayed projects and a couple of sizeable project acquisitions.
PV Tech Premium
December 27, 2021
Solar PV has taken off in the MENA region in recent years, driven by positive governmental policy, prominent tenders and decarbonisation targets. But challenges remain, both for smaller companies wishing to enter the market and in the operation of plants. Molly Lempriere takes a look at the market drivers and the challenges of competing.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal