Following a successful accomplishment in the public tender phase, Ecoppia Scientific has launched an IPO (Initial Public Offering) on TASE (Tel Aviv Stock Exchange). Ecoppia Scientific, which offers robotic solutions on photovoltaic solar, has raised £61.5 million from institutional investors, leading to a £223.9 million company’s valuation. The company achieved a public demand worth £57.30 million in the public tender phase, despite it selling shares worth £1.12 million only. Ecoppia Scientific says that it gathered £108 million in demand in the institutional tender, but it accepted £62.18 million.
The company says those who led the initial offering included Orion, Barak Capital, and Discount Capital Underwriting. Ecoppia Scientific provides independent, water-free robotic cleaning solutions for all PV modules installed in arid and semi-arid areas on a large scale. The company has been field-proven to place solar panels at the highest performance every year with the least O&M costs. Ecoppia cleans over 10 million solar panels each night.
The company uses modern business intelligence capabilities and sophisticated technology to remove dust on the solar panels through its water-free, cloud-based, and autonomous solutions. Ecoppia Scientific has signed agreements that amount to over 16GW. Ecoppia operates remotely, and it ensures that solar sites always have an optimal performance with little or no human interruption and minimal costs. The company also ensures that the robotic solutions and its proprietary algorithms at the solar sites allow the O&M to be more reliable, more efficient, and safer daily.
The company says that it has secured new projects with over 10GW in the last four quarters of the year despite the coronavirus pandemic, allowing it to maintain more than 200% of the CAGR booking in the last six years. In July last year, the US-based investment firm, CIM Group, bought Ecoppia’s shares worth £29.8 million. Ecoppia was established in 2013, with its main stakeholders being financial institutions and international investors. Before the IPO, Moshe Meller, Eran, and CIM Group had 21% of the total company’s shares.
Jean Scemama, Ecoppia’s CEO, said that they are very happy and thankful to all their investors for their trust in the company. He added that the company serves a growing market globally and has demonstrated its technological advancement in all operational areas. Jean also said that cleaning large-scale solar sites manually would be a thing of the past in the near future. He added that the company is well prepared to maintain its competitive advantage and expand services to its tier-1 clients.https://themarketeagle.com/