Israeli robotic solar cleaning service provider, Airtouch Solar, has completed an initial public offering (IPO), raising $18 million at a company post-money valuation of $124 million, primarily from leading institutional investors in the Israeli capital market.

The IPO was led by Poalim IBI Underwriters, the law firm of Goldfarb Seligman, and the accounting firm BDO. The company’s shares will commence trading over the next few days at the Tel Aviv Stock Exchange under the title ‘ARTS.’

The company develops, manufactures, markets, and provides robotic cleaning solutions for photovoltaic (PV) panels used in the solar energy market. The company’s headquarters and manufacturing factory are based in Israel, and it is actively selling its products in Israel and India.

The company also holds an array of intellectual property and patents in various registration stages over the globe. The company claims that the water-free robotic cleaning solution it developed is ideal for solving solar developers’ problems due to dust accumulation on the solar panels.

The company said that the target market for robotic cleaning solutions is approximately $11 billion. Currently, 95% of solar installations operate without robotic cleaning solutions.

Yanir Alloush, founder and chairman on the board, “We are proud of the company’s revenues and achievements this far but believe that the market is just getting started. Robotic cleaning for the PV panels is a game-changer, bringing important advancement to the solar energy world. Airtouch will continue to develop smart and precise robotic solutions for solar developers.”

Alongside founder Allouche, the company’s shares are held by its strategic partner, the Meshek Energy Holdings Ltd, Kibbutz Revivim, a company affiliated with Alpha Investment Fund and Poalim I.B.I Underwriters Ltd.

The company’s CEO, Nick Lanir Brown, said, “The company’s IPO represents an important milestone in the company’s development. With the funds raised, we plan to continue investing in R&D, enter additional global markets, and significantly increase sales and services in light of the growing demand for its products. We thank our investors, partners, and growing customer circle for choosing Airtouch Solar as the preferred system for cleaning solar panels.”

The company intends to increase its production capacity to meet the increased demand for its products and is examining, among other things, the possibility of establishing an additional production site in India.

In December 2020, Ecoppia, a robotic cleaning solutions provider for large-scale solar installations, launched an IPO on the Tel Aviv Stock Exchange. Ecoppia secured $82.5 million from leading institutional investors with a company valuation of $300 million.