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

• Solar O&M remedies service provider Ecoppia has released an initial public offering (IPO) after securing greater than US$ 82.5 million through a public tender phase.

The tender protected US$ 82.5 million from institutional investors, valuing the company at US$ 300 million, Ecoppia claimed.

The tender was oversubscribed, with Ecoppia obtaining expressions of interest completing US$ 144.75 million received from institutional financiers. Public demand within the tender phase was also oversubscribed with US$ 76.74 countless rate of interest recorded in spite of just US$ 1.5 countless designated shares.

Ecoppia is now to listing on the Tel Aviv Stock Exchange.

While no specific information were offered as to just how the earnings of the offering are to be spent, Ecoppia mentions that it has greater than 16GW of signed agreements for its cloud-based photovoltaic panel cleaning solution, which makes use of robotics to clean solar panels without making use of water or workforce.

Ecoppia claimed its services tidy 10 million operational photovoltaic panels each night, assisting to reduce continuous procedures as well as upkeep expenses for property owners and also drivers.

The fund raise comes months after Ecoppia obtained a US$ 40 million investment from United States capitalist CIM Group, which obtained US$ 40 numerous shares in Ecoppia, with US$ 20 countless investment tilled straight into the business.

CIM Group and the company's founders, Eran and Moshe Meller, held 21% of Ecoppia's shares prior to the IPO, with other worldwide capitalists and also institutions owning the continuing to be 79%.

"Ecoppia offers a quickly growing global market, and also has demonstrated strong technical preeminence in all our functional regions. It is anticipated that manual cleansing for large solar websites will certainly come to be pointless in the coming years. Ecoppia is best positioned to keep our competitive advantage while expanding the range of offered solutions to our tier-1 customers," Jean Scemama, chief executive officer at Ecoppia, said.