The new brand: a preliminary agreement for the construction of solar facilities in the amount of NIS 3.5 million – the capital market

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The new one, which merges with Spy Systems, reports that Spy has signed a preliminary agreement to prepare for the construction of solar facilities in the amount of NIS 3.5 million. The agreement was signed as part of negotiations for the construction of solar facilities totaling NIS 30 million. Following the merger, the new brand announced that the renewable energy sector will be its main growth channel, so the current deal is a significant step in the new direction.

In accordance with the preliminary agreement, Spy Energy (a subsidiary of Spy) will perform preparatory work that includes procurement and preparation for the execution of the project. The company expects revenues of NIS 230 million by the end of 2021 and has accumulated orders of about NIS 300 million, according to a presentation to investors. The company will be engaged in the execution of projects in the industries of transportation, renewable energy and infrastructure and a synergistic industrial arm engaged in the production of steel constructions and other metal works that are integrated into the activities of the projects.

Yaron Silesh, CEO of the new brand: “We are proud to report another significant agreement in the field of renewable energy. The significant increase in accumulation, even above forecasts, shows the new forces operating in the new brand. The merger between Spy and Brand and the revival of renewable energy opportunities The project and we believe that we will be able to use the vast knowledge and experience of the management team in order to achieve additional opportunities in the field of renewable energy and bring value to our shareholders. ”

Spy, founded in 1968, is engaged in the design and construction of infrastructure and electrical systems, lighting, control and communications. The company manufactures electrical systems for roads and interchanges, railway stations and tunnels and airports. Its projects include Road 38 (Givat Sharet-Ramat Beit Shemesh), the train station and the railway tunnel in Raanana-South and Ramon Airport. Spy entered the field of renewable energy in 2019 and in this field is responsible for the design, procurement and execution (EPC) of electrical infrastructure, installation of systems and end equipment (panels), coordination and treatment with the electricity company and earthworks. In addition, Spy is the owner of Spy-Lattice, a plant for the production of electrical panels that it opened in 2019.