Tel Aviv, February 21, 2021 - Management of Nofar Energy opened trading this morning in celebration of its IPO on TASE.
Nofar Energy is the largest of the new companies listed since 2020, which
30 new companies were listed in 2020, joined by 14 more since the beginning of 2021.
Nofar Energy is one of the seven cleantech companies listed on TASE since the beginning of 2020 and will be included in the Cleantech Sector, which currently comprises 18 companies with a total market cap of NIS 50 billion.
Nofar Energy was established in 2011 by Ofer Yannay, the controlling shareholder and Chairman of the company. Nofar Energy is an entrepreneurial company in the field of renewable energy, operating photovoltaic electricity generation systems in Israel and Europe. The company has created partnerships with dozens of Kibbutzim, income-producing real estate companies and industrial companies in Israel.
The company is also advancing the construction of dozens of energy storage facilities and has recently announced the completion of the first energy storage system in Israel.
The company raised NIS 578 million in an IPO of 22.4% of its share capital, based on a company value of NIS 2.58 billion.
The shares were offered to the institutional investors in a book building IPO and to the public in a Dutch auction.
At the closing trading day on March 4, 2021, the shares of the company are expected to join TASE's TA-90, TA-125, TA-125 Fossil Free, SME-150, TA Tech-Elite, TA Global-BlueTech, TA-Technology and TA-Cleantech indices.
Nadav Tene, CEO of Nofar Energy, said: 'We thank the investors for their vote of confidence in the company, its operations and its management. We are going full steam ahead to secure our leadership of the local renewable energy sector, while developing significant global operations based on the company's unique business model, strong collection of partnerships, entrepreneurial DNA and extraordinary human capital. Nofar Energy is pioneering energy storage in the local market, having just recently completed the first energy storage system in Israel. In addition, following the IPO, we were able to penetrate the Italian renewable energy market in collaboration with the Noy Fund by investing in an existing platform, we completed a financial closing and put into action the construction of a photovoltaic project with a 169 MW capacity in Spain and we continue to pursue, set up and connect substantial projects in the local market. We are proud to be joining The Tel Aviv Stock Exchange. We will continue to spearhead renewable energy and conquer new heights.'
Drorit Vilnai, Listings Unit Manager at TASE, said: 'TASE's Cleantech Sector has been soaring, boosted by the growing interest in this field. We are glad to see cleantech companies choose TASE for their capital raising, allowing the Israeli public to partake in the success of this blooming sector. In light of the growth of the sector, TASE has issued the Cleantech index last November, alongside investment products. We wish the company success and growth, which will benefit investors and the Israeli market and provide a better, greener world for all.'
In the picture from right to left: Nadav Tene, CEO Nofar Energy; Ofer Yannay, Chairman Nofar Energy; Noam Fisher, CFO Nofar Energy and Shahar Gershon VP Business DevelopmentNofar Energy.
Credit: Israel Hadari. The photo is free of charge.