An international strategic investor will invest €16 million for 20% of the new company and will grant it rights in energy technologies.
Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) is establishing a new company based on its in-house developed energy technology for transportation, the defense technology company announced today. The new company will develop energy solutions for civilian transportation applications.
An international strategic investor will invest €16 million in exchange for 20% of the new company's shares and will grant it rights in several of its energy related technologies.
The transportation energy company will have its headquarters in Israel, and it will employ the employees of Elbit Systems Land & C4I’s energy business unit.
Elbit Systems president Bezhalel (Butzi) Machlis said, "Elbit Systems‘ extensive array of technologies enables us from time to time to develop technologies providing solutions for the commercial market. I expect this new company will grow substantially and develop more energy solutions for civilian transportation applications.”
Published by Globes [online], Israel business news - www.globes-online.com - on July 7, 2016
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