Ecoppia raised NIS 440 million on its Tel Aviv Stock Exchange IPO

The Israeli Ecoppia, which manufactures autonomous robots designed to clean solar panels, announced Tuesday morning that the Israel Securities Authority has approved the listing of the company’s share for trade on the Tel Aviv Stock Exchange. According to the company’s announcement, the proceeds from the IPO is expected to amount to NIS 282 million, along with another NIS 157 million following the exercising of options. According to a prospectus recently submitted by the company, its backlog now stands at $ 42 million.

Ecoppia has developed a family of robots that clean solar panels automatically using microfiber and without the use of water. Regular cleaning of the panels is important for generating high output, as dust and dirt accumulation may reduce their power output by dozens of percent. Ecoppia’s robots operate autonomously and clean the panels at night, removing about 99% of the dust that has accumulated on them during the day. One robot is capable of cleaning about 1,200 panels a night.

To date, Ecoppia’s robots have cleaned more than 2 billion solar panels. The company collaborates with leading companies in the solar sector, including the French Engie Group and EDF, the Indian NTPC and Adani Power, Actis Group from the UK, unEdisson/TerraForm from the United States, and the Finnish Fortum.

The hottest sector in the stock market

In a presentation to its investors, Ecoppia reported that it experienced an average annual increase of 248% between 2014-2020, and that its robots are currently cleaning panels at a total capacity of 5,200 megawatts. The company estimates that the solar panel maintenance market is valued at about $4-5 billion, and is expected to grow in the coming years along with the growth of the entire solar market.

In 2018, the company’s revenues totaled at $4.9 million, and in 2019 they spiked to $8 million. However, Ecoppia’s revenues so far during the first half of 2020 totaled only at $673,000, partly due to a stagnation in the Indian market, which is the company’s main market and is responsible for more than half of its revenues.

Solar stocks have seen significant momentum in world markets over the past year, against the backdrop of the global solar market’s growth, and as many countries adhere to multi-year plans meant to reduce greenhouse gas emissions and dependence on electricity generated from polluting sources. Joe Biden’s election to the presidency of the United States has also added to the momentum of the solar sector, given the president-elect’s commitment to combat the climate crisis and promote renewable energies. For example, the TAN ETF, which contains shares of leading solar companies, including the Israeli Solar Edge, has risen by about 150% since the beginning of the year.

Nanox raised $165 million in Nasdaq IPO

Photo above: LUZ corporate photography

Nanox, the developer Digital CT devices and cloud-based diagnostic services from Jerusalem, has raised $165 million at NASDAQ IPO. Nanox issued 9.1 milion shares at a price of $18 per share. At its debut trading day, last Friday, its stock (Tickr: NNOX) jumped 20%. Nanox has developed a Digital Computed Tomography technology based on the production of X-rays using a MEMS instead of an incandescent lamp.

The company’s estimates its technology allows for the production of CT systems at a cost of $10,000 each, instead of approximately $3 million – the current average price of CT scanners. CT scanners perform multiple X-rays from different angles. A computer program is used to fuse all these images into a single three-dimensional file that allows the exploration of the body and its organs.

Pay per Scan

The development was carried out by a team of Israeli engineers and a team of Japanese engineers. The company is headed by the founder Ran Polyakin, former founder and CEO of the wireless charging Powermat. In additional to the lower price and size, Digital CT devices provide higher quality images, and having fewer errors resulting from relative movement between the scanner and the subject.

Also, they enable multi-spectral imaging, and real-time connectivity between the imaging system and the therapeutic devices, thus allows treatment to be performed under CT examination. The first commercial system, Nanox.ARC, comes with a cloud platform consists of AI-based assistive diagnostic tools and friendly user interface for the doctor.

The company markets the systems through collaborations with governments and health service organizations, and has signed distribution agreements in 13 countries. Nanox plans to offer the use of its systems in the format of a service: payment is determined according to the number of scans (Pay-per-Scan), thereby reducing the costs of acquisition.