Israeli solar panel cleaning services company RST Cleantech has filed a prospectus for an Initial Public offering (IPO) on the Tel Aviv Stock Exchange (TASE).
No financial details were provided but in March, fuel provider and gas station chain Sonol, controlled by Dudi Weissman, invested NIS 15 million in RST Cleantech at a company valuation of NIS 130 million. Sonol currently has a 10% stake in RST. More recently Israel Canada (TASE: ISCN), headed by CEO Barak Rosen and chairman Asaf Tuchmair invested Nis 5 million in RST Cleantech at a company valuation of NIS 150 million, and holds a 3% stake.
RST will be competing with three other Israeli companies involved in cleaning solar panels that are trading on the TASE and have all seen their share price having fallen since their IPO - Ecoppia (TASE: ECPA), Airtouch (TASE: ARTS), and Bladeranger (TASE: BLRN).
RST Cleantech, which was founded in 2013 by Shani Bakaliar and CEO Roy Sade, has developed advanced automatic systems for cleaning photovoltaic solar panels and installations. RST uses treated water, which has undergone filtration to remove particles liable to cause scale or corrosion on the solar panels. Unlike its rivals it does not use robots to clean the panels although the system is automated.
RST Cleantech operates mainly in Israel but also has activities in the US and Chile.
Published by Globes, Israel business news - en.globes.co.il - on August 8, 2021
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