Aug 9 (Renewables Now) – Israeli solar panel cleaning service provider RST Cleantech is seeking to list its shares through an Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE).

The company did not provide the amount referred to in the IPO prospectus of the Tel Aviv Inventory Alternate (TASE).

RST Cleantech’s technology is based on the use of treated water that has been filtered to remove particles that can cause corrosion on solar panels. It is provided by an automated system but does not incorporate the use of robotic devices. The company is primarily active in Israel, but also does business in the United States and Chile.

In March, Israeli fuel supplier and gas station chain operator Sonol paid 15 million ILS (4.7 million USD / 4 million EUR) for a 10% stake in RST Cleantech, giving the panel cleaning group solar panels a valuation of 130 million ILS. Other investors in the company are real estate investor Israel Canada (TLV: ISCN) with a 3% stake it acquired at 5 million ILS.

Other solar panel cleaning companies listed on TASE are Ecoppia Scientific Ltd (TASE: ECPA), which in December closed its $ 82.5 million (€ 70.1 million) IPO, Airtouch (TASE : ARTS) and Bladeranger (TASE: BLRN).

(ILS 1.0 = 0.310 USD / 0.263 EUR)

(USD 1.0 = EUR 0.850)