Israeli Solar Cleaning Firm Airtouch Raises $18 Million in IPO

By Saur News Bureau/ Updated On Mon, Mar 8th, 2021

Adani Green Energy & Airtouch in Deal Worth 2.5 mn USD for Supply of Cleaning Robots for Solar Panels

Israel-based cleaning solutions provider for solar panels, Airtouch Solar has joined the Tel Aviv Stock Exchange. It completed an Initial Public Offering (IPO). It raised USD 18 million at a company post-money valuation of USD 124 million, primarily from leading institutional investors in the Israeli capital market.

The company said that the IPO was led by Poalim IBI Underwriters, the law firm of Goldfarb Seligman and its accounting firm was BDO.

Recounting their achievements, the Founder and Chairman of the Board, Yanir Alloush stated, “We are proud of the company’s revenues and achievements this far but believe that the market is just getting started. Robotic cleaning for the PV panels is a game-changer, bringing important advancement to the solar energy world. Airtouch will continue to develop smart and precise robotic solutions for solar developers.”

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Speaking of stepping into the stock market, the CEO of Airtouch, Nick Lanir Brown said, “The company’s IPO represents an important milestone in the company’s development. With the funds raised, we plan to continue investing in R&D, to enter additional global markets, and to significantly increase sales and services in light of the growing demand for the company’s products. We thank our investors, partners, and growing customer circle for choosing Airtouch Solar as the preferred system for cleaning solar panels.”

Alongside founder Allouche, the company’s shares are held by its strategic partner, the Meshek Energy Holdings Ltd., by Kibbutz Revivim, and by a company affiliated with Alpha Investment Fund, and by Poalim I.B.I Underwriters Ltd, the release noted. Airtouch IPO

The company claims that the solar panel efficiency decreases by 30 percent in dusty areas making it a true pain point for utility-scale PV solar field developers. However, Airtouch recognizes and addresses this problem by developing innovative, environmentally friendly, and economical cleaning solutions that ensure maximum solar panel output.