Why stop in Israel? Ogwind is looking for SPAC to issue in New York – the capital market

Without high income and losses,

Augwind
+ 2.41%

Base:9,218

opening:9,790

High:9,790

low:9,400

change:1,983,513

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Ask to sell the energy storage dream to overseas investors as well. The company is looking for a SPAC skeleton to merge with and issue the company’s Wall Street operations. In Israel, it worked, with a jump of 875% in 2020 and a market value of NIS 1.8 billion, so why not try to recreate the success in the major leagues, that is, on Wall Street? The company’s stock is up 4% at the start of trading.

On Thursday, the company’s board of directors instructed its management to begin promoting a public offering process on the US stock exchange, either through an initial public offering (IPO) or through a link to an existing public platform (SPAC). Since the beginning of the year, Of Israeli investors is apparently pushing management to look for other markets to trade and raise capital.

According to the company’s announcement, it seeks to create a presence in the American market, which is a significant target market for the company’s products. The company believes that this action will advance its business operations, especially in light of the fact that its products require significant and long-term commitments to potential customers. ”

The company explains that as a company that addresses global markets in the field of infrastructure, its activities will require access to capital and debt sources to finance marketing penetration, investments and other long-term commitments. Listing on the U.S. Stock Exchange will buy the company access to additional sources of capital and debt for its potential use. The company believes an IPO on Wall Street will bring the vision closer to making the company a world leader in energy efficiency and energy storage.

BizPortal has previously tried to reveal what is the technology of the company’s operations. The results can be seen here:

The company’s huge market value has crystallized in the past year, even though Ogwind’s revenues in 2019 amounted to NIS 6.9 million and a loss was NIS 63 million. In the first half of 2020, its revenues were NIS 1.7 million and a net loss of NIS 7 million.

Ogwind has developed an underground compressed air storage system that enables savings in air compression costs. The use of compressed air is common in various industries, as part of the production processes in industrial plants. The compressed air is produced in these plants, using a system of compressors. The total cost of operating the compressors in the plant, can reach up to 20% of its total power consumption.

In recent months, the company has been penetrating the field of solar energy and wants to present a solution for storing solar energy that increases the productivity of the solar system by increasing the daily working hours and the annual number of days in which the system can operate. The company holds agreements for cooperation with Doral, EDF and Solgreen.

Ogwind’s latest experiment with the energy system (see video) indicated an efficiency of the system ranging from 75% to 81%. According to the company announcement, the charging process has proven to be a very efficient process with minimal (to negligible) temperature changes, involving minimal energy losses. But enthusiasm needs to cool down as there are systems with higher utilization in the market (such as that of Tesla).

Ogwind Or Yogev, CEO of BizPortal, told BizPortal that “no company has ever introduced such energy efficiency.” Their combustion.