Tadiran Group (TASE: TDRN) has notified the Tel Aviv Stock Exchange (TASE) that its energy storage unit Aviem has signed a contract to supply energy storage systems to Energix Renewable Energies (TASE: ENRG) for up to $85 million. In addition to the cost of the systems themselves, Energix has an option to pay up to $40 million for operational and maintenance services.
Energix is buying the systems for the installation of projects after winning the Israel Public Utility Authority for Electricity tender to produce electricity from photovoltaic technology combined with storage capacity. The systems that will be supplied have been adapted to the needs of Energix and Tadiran estimates that the orders in the agreement will be delivered by the end of 2023.
Tadiran says the latest agreement positions it as a leading player in the energy storage field in Israel and Europe. Through the recent acquisition of Italian company VP Solar, Tadiran holds about 35% of the energy storage market in Europe, together with deals worth $215 million, which it has signed in Israel in this field.
In October 2021, Tadiran Group completed the acquisition of Aviem for about NIS 30 million (not including additional amounts contingent on meeting milestones). Aviem specializes in electrical energy systems of various types including: uninterruptable power systems, power suppliers and chargers, batteries, frequency converters, as well as batteries and electric vehicle charging systems for residential buildings.
In May 2022, Tadiran reported a $130 million deal with Israeli energy company Solegreen for Aviem energy storage systems for an overall supply of up to about 600 megawatt hours.
Published by Globes, Israel business news - en.globes.co.il - on July 19 2022.
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