AirTouch Solar has successfully completed an initial public offering (IPO) of its shares on the Tel Aviv Stock Exchange. The company raised a total of NIS 61 million as part of a non-uniform offer, most of it as part of the institutional phase of the IPO, in which a number of leading institutional entities participated in the Israeli capital market, and NIS 2 million raised in the public phase of the IPO. Which amounted to about NIS 30 million.
The offering was made at a value of approximately NIS 411 million after the money (including the exercise of options for employees and service providers). The company’s shares will start trading over the next few days. The IPO was led by Poalim IBI Underwriting and was also accompanied by Adv. Amir Tzafrir and Adv. Hod Maimon from Goldfarb Seligman, as well as CPA Lavi Giat from BDO.
Airtach Solar was founded by Yanir Alush, who serves as the company’s chairman, and began operations in 2017. The company is engaged in the development, production, marketing and maintenance of robotic solutions for dry cleaning (without water) of photovoltaic panels, used in the energy market. The company’s operations headquarters and manufacturing plant are located in the Har Tov A industrial zone in Beit Shemesh, and it is active and sells its products and services in Israel and India.
The company has unique intellectual property and patents at various registration stages in the existing countries of activity and in other markets. The company estimates that the dry (without water) robotic solution it has developed is ideal as a solution to the cumulative dust problem on solar panels, with the target market for robotic cleaning solutions estimated at $ 11 billion by 2024 and 95% of it currently operating without a robotic cleaning solution.
Airtach Solar cleaning robot, Photo: Courtesy of the company
After a period of technology development, the company began making its first commercial sales in Israel in the fourth quarter of 2019, and during 2020 it also began commercial sales in India. During 2020, the company signed agreements with 5 new customers in the amount of approximately $ 2 million. The company’s business model is based on initial revenue from the sale and installation of systems, and then revenue at a higher aggregate volume resulting from long-term maintenance and customer service agreements in each transaction.
Yanir Alush, Founder and Chairman of the Board: “We are proud of the company’s achievements but understand that the market is just beginning. Robotics is changing the rules of the game and bringing an important line to the world of solar energy. AirTouch will continue to develop smart and accurate robotic solutions for solar entrepreneurs.”
Nick Lanir Brown, CEO of the company: “The company’s IPO is an important milestone in the company’s development. The IPO is expected to serve us for further investment in research and development, entry into additional markets and a significant increase in sales and service in light of growing demand for the company’s products. We thank investors, partners Solar as the preferred system for cleaning solar fields. “
The company intends to expand its business in India and Israel, both by expanding operations with existing customers and by starting operations with new customers, and at the same time to work to expand the company’s operations to other geographical areas. The company intends to increase its production capacity so that an increase in demand will be addressed, and is examining, among other things, the possibility of establishing another production site.
Along with the founder Alush, the company also owns the shares of Kibbutz Revivim, a public energy company that is a strategic partner of the company, a fund affiliated with the Alpha Investment Fund and Poalim-Ibi.