November 1, 2021

ELECTRA CONSUMER PRODUCTS IS ALSO ENTERING THE HOT SOLAR ENERGY FIELD

Electra Consumer Products

ELECTRA CONSUMER PRODUCTS IS ALSO ENTERING THE HOT SOLAR ENERGY FIELD

The company announced signing a partnership agreement with Solaredge in Israel. Simultaneously it purchased control of the company, which operates  in the field of solar panels in Israel.  According to Electra’s statement its turnover will be some NIS. 400m within 3 years

Guy Liberman  09:28

Zvika Schwimmer, CEO, Electra Consumer Products / Photography: Tamar Matsefi

 

Electra Consumer Products

Elco, under the Zelkind family’s control, announced that it is entering the field of solar energy. The company, known primarily for tis activities in production, trade and sale of electrical products and its ownership of chains such as Shekem Electric and Mahsanei Hashmal, announced that it is entering the field of solar equipment through two avenues.

The first, based on the company’s report, is its signature on an agreement with Solaredge which will see the “Electra Solar” subsidiary marketing Solaredge products to domestic systems in Israel, including Solaredge converters and panels in all installations, under the “Solaredge” brand.

The second is Electra’s simultaneous acquisition of controlling rights in “Solar Sensei,” which imports, produces, distributes and markets equipment for solar systems such as solar panels, converters, optimizers and more. Solar Sensei is the “SunPower” solar panels representative in Israel. In the framework of this agreement, Electra Consumer Products and Solar Sensei established the “Electra Solar Equipment” partnership which purchased Solar Sensei’s assets and activities. Electra Consumer Products holds 50.1% of the partnership.

In its statement the company reported that it anticipates “Electra Solar’s entry into the field of solar via acquisition of Solar Sensei activities, together with the agreement with Solaredge, to bring in some NIS. 400m within 3 years.”

Zvika Schwimmer, Electra Consumer Products CEO, stated that “there is currently a significant and growing demand from private and institutional consumers for solar equipment as part of developments in the field, and due to support on the part of various authorities. The agreement with Solaredge and the acquisition of Solar Sensei’s activities are a significant stride into this rapidly growing sphere. We intend to leverage our capabilities, among them in the spheres of logistics, financing, marketing, sales and service, to become a dominant player within a few years on the Israeli solar scene, which we view as complementary to the company’s activities in the consumer products segment.”

Since the start of 2021, the company’s shares have seen a 40% rise although the past three months saw a drop in share prices of some 9.3%.

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