Ecoppia, a robot to clean PV photovoltaic solar panels, launched an initial public offering (IPO) on the Tel Aviv Stock Exchange (TASE), after successfully completed the public tender phase. This is after a significant raise this summer.
Ecoppia secured $82.5 million from leading institutional investors with a company valuation of $300 million, they said in a press announcement. By cleaning the solar panels at night Ecoppia can improve solar efficiencies.
During the public tender phase, Ecoppia marked yet another meaningful achievement as public demand reached $76.74 million, despite the fact that the company offered shares for just $1.5 million. During the institutional tender, Ecoppia received $144.7 million in demand, yet accepted only $83.3 million.
Ecoppia offers fully autonomous, water free robotic cleaning solutions for PV modules, ideally for large scale PV installations located in dry and arid regions. Deployed globally in utility-scale sites operated by leading energy players on three continents, Ecoppia’s solutions clean 10 million panels every night and have been field-proven to keep solar panels at a year-round peak performance while minimizing O&M costs.
Despite the unique challenges of the ongoing COVID-19 pandemic, Ecoppia has secured over 10GW of new projects over the last four quarters alone, maintaining a CAGR of booking of over 200% in the past six years.
Last July, CIM Group, the US-based investment firm, invested $40 million in Ecoppia’s shares, with $20 million directly into the company.
Ecoppia was founded in 2013 by Eran and Moshe Meller, who held 21% of the company’s shares prior to the IPO. Along with the CIM Group and the Mellers, the company’s primary stakeholders, prior to the IPO, were prominent international investors and financial institutions.
“I would like to thank our investors for their trust in Ecoppia,” said Ecoppia’s CEO, Jean Scemama. “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.”