Ecoppia Completes $13 Million Funding Round, Shows Over 1600% Growth In Revenues
Ecoppia, the pioneer of robotic technology for the solar industry, will leverage the round to meet sharp product demand in large scale projects, push geographical expansion, and introduce new products.
Ecoppia, the world-leading developer of automatic, water- free, cloud-based photovoltaic solar panel cleaning solutions, announced today the completion of a $13 million round of funding, led by both existing investors - Swarth Group, GlenRock and Gandyr, and Israel's largest insurance group, Harel Group Insurance and Finance.
Ecoppia's solutions gained unparalleled experience cleaning over 200 million solar panels worldwide working with some of the largest energy players in the world including Engie Group, EDF, NTPC, Actis Group, Adani Power, SunEdison/Terraform and more. The Company's pipeline is expected to top 2GW in 2018.
Ecoppia solves the challenge of solar panel soiling - one of the greatest impediments to solar energy production that can dramatically reduce energy output.
Cloud-based and connected, Ecoppia cleaning robots use a patented water-free cleaning process to remove 99% of dust daily, utilizing advanced data analysis and machine learning for a unique performance and maintenance optimization.
The closure of this most recent round of funding came on the heels of Ecoppia's ranking in the top ten of Deloitte's 2017 Technology Fast 50. With a growth rate of over 1600% in the past four years, Ecoppia is currently the fastest growing cleantech company in Israel.
"We are thrilled to lead this round of investment," Harel Insurance & Finance Group commented. "Ecoppia is a game changer. They've successfully identified a critical need in the solar industry and created a reliable and cost-effective solution that contributes to lowering LCOE worldwide," they concluded.
"The addition of Harel Group to the company's investors cement Ecoppia's market position as the only viable solution for large-scale solar projects," noted Eran Meller, CEO and Co-founder of Ecoppia. "The financial stability this investment grants us will enable the company to continue serving the largest energy players in the world, meeting the requirement of the top financial institutions involved in cleantech, and the growing demand in our pipeline," he continued.
Oren Rozenbach, Partner at Swarth Group added: "Having the privilege of working with Ecoppia since early days we were able to see the agile work of the company, enabling it to remain at leading position and gain the full trust of all the players in the value chain"
"Making it on the Technology Fast 50 shows a deep understanding of the market," Said Mr. Shally Tshuva, Technology, Media & Telecommunications Industry Leader at Deloitte Israel. "Presenting such growth rates shows that Ecoppia has attained the agility needed to prosper in a challenging and dynamic market," he noted.
Harel Insurance and Finance Group is Israel's largest insurance and financial group. Harel Group is Israel's largest and most dominant in the field of health insurance. Harel Group assets under management, in insurance, pension funds, provident funds, mutual funds and financial services, as of September 30, 2017, totaled over NIS 203.5 billion.
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