Solar systems manufacturer Chromagen Ltd. has signed an agreement to raise $5 million from Tene Investments in exchange for a 26% stake in the company. Kibbutz Shaar Ha’Amakim currently wholly owns Chromagen. The deal is due to be closed by year-end, when the necessary permits are obtained.
Chromagen will use the proceeds to finance R&D, to purchase equipment, improve production lines, build marketing networks in Spain and Australia, and set up distribution partnerships in Spain, Italy and the US.
Chromagen general manager Hagai Shefer said the company makes and markets solar water heaters, electrical heaters and solar receptors. It is one of the three largest manufacturers of solar heating systems in the world.
Chromagen has two factories at Kibbutz Shaar Ha’Amakim and the Tsippori industrial zone outside Nazareth, and two subsidiaries in Denmark and Spain. The company has a turnover of $40 million, 52% of which is exports.
Published by Globes [online], Israel business news - www.globes.co.il - on November 20, 2006
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