April 22, 2021

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Photo voltaic panel cleaning tech co Airtouch Solar established for IPO

4 min read

The huge urge for food of investors on the Tel Aviv Stock Exchange for environmentally friendly strength enterprises has proved an incentive for providers in tangential fields to go for IPOs as properly. The 3rd corporation in just a couple months dealing in photo voltaic panel cleaning robots is now on its way to the neighborhood inventory current market.

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The corporation in problem is Airtouch Photo voltaic, which as significantly as is recognized seeks to elevate NIS 80 million ($25 million) at a pre-dollars valuation of NIS 500 million. Airtouch Photo voltaic, which was established in 2016 by its chairperson Yanir Allouche, develops, manufactures, sells, operates, and maintains robotic alternatives for dry (waterless) cleaning of picture-voltaic panels, in get to obtain most output. The organization states that its remedies are controlled by a laptop or computer program that allows the consumer to deal with, command and manage it from everywhere. The company’s main activity is currently in Israel. In the coming months, it will get started carrying out business enterprise in India as properly.

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In addition to Allouche, the most important shareholder in Airtouch Solar is Kibbutz Revivim in the Negev, which has signed a command agreement with Allouche in progress of the IPO. Among other shareholders are mentioned solar vitality organization Meshek Electrical power (TASE: MSKE), which at the starting of the month introduced an investment of $2 million for 4% of Airtouch Solar a fund managed by Gabi Dishi and Michael Weiss, owners of the Alpha Fund and Poalim IBI, which will lead the featuring.

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The draft prospectus released by Airtouch Solar reveals, amongst other matters, a dispute with its competitor Ecoppia (TASE: ECPA), which was the 1st photo voltaic panel cleansing robotic enterprise to record on the Tel Aviv Stock Trade, in November previous year. Ecoppia has filed statements of infringement of mental residence legal rights towards Allouche and Airtouch Photo voltaic. Ecoppia promises that Airtouch Solar’s exercise is fully primarily based on Ecoppia’s trade secrets and mental assets legal rights, and that Allouche’s exposure to Ecoppia’s company when he worked at solar vitality business Arava Ability helped Airtouch Solar to conserve means and access the sector immediately, these kinds of that it had enriched itself unlawfully at Ecoppia’s expenditure.

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For their element, Airtouch Photo voltaic and Allouche reject Ecoppia’s promises out of hand, indicating “This is an try by Ecoppia to damage the business and Mr. Allouche” Though Airtouch Solar states that there is no compound to Ecoppia’s claims, it states that if the issue reaches the court and these claims are upheld, this “could stand for major publicity for the business.”

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Airtouch Photo voltaic has undertaken to bear Allouche’s lawful expenses in the make a difference up to $1 million, and to offer him with an indemnity of up to $4 million.

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Ecoppia, in which the greatest shareholder is US partnership CIM Group, established by Richard Ressler, Shaul Kuba and Avi Shemesh, alongside business founders Moshe and Eran Meller, and in which Shaul Shani, Leon Recanati and Harel Insurance plan Investments and Financial Services Ltd. (TASE: HARL) are also invested, develops and maintains robotic photo voltaic panel cleaning units, and it too has its principal exercise in Israel and India.

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Ecoppia has a sector cap of NIS 1.3 billion. Its IPO in November adopted a NIS 280 million fund increasing spherical. Significantly less than two months later on, Blade Ranger (TASE: BLRN), which is in the very same field, also held an IPO, because when its share selling price has shot up by 80%, supplying it a latest marketplace cap of about NIS 200 million.

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Airtouch Solar has minor profits at this stage. In 2020, earnings totaled NIS 700,000, from the get started of exercise with clients, and it posted a decline of NIS 4 million. In 2018-2019 it had no income at all, and lost a complete of NIS 7 million.

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As significantly as is recognised, Airtouch Solar’s initial shopper is a person of the longest set up solar electricity providers on the Tel Aviv Stock Trade, Enlight Renewable Electrical power (TASE: ENLT), which has a industry cap of NIS 5 billion. Airtouch Photo voltaic is also at several levels of negotiations with other gamers in the sector.

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Airtouch Solar’s auditors attract investors’ interest to the company’s have to have “to raise other sources of finance till it generates a typical optimistic dollars circulation to finance its action.”

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Airtouch Solar’s manufacturing facility is in the Har Tuv industrial zone beside Guess Shemesh. The organization employs about 20 people today. Its CEO is Nick Lanir Brown, and its VP business growth is Erez Schweppe, husband of Sharon Schweppe, one of the persons driving REIT Menivim and formerly CEO of revenue developing serious estate corporation Bayside Land Corp. Ltd.(Gav Yam) (TASE: BYSD1).

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Printed by Globes, Israel business news – en.globes.co.il – on February 8, 2021

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© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

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