The real estate investment manager is now the largest investor in Harel Group-backed Ecoppia, which provides solar-panel cleaning systems.
Real estate manager and developer CIM Group invested $40m in Ecoppia, an Israel-based solar robotics technology provider backed by insurer Harel Group Insurance and Finance, yesterday.
Ecoppia produces robotics and automation technology for the solar power generation sector, helping ensure panels on utility-scale solar photovoltaic plants remain clean and absorb more sunlight.
The company’s customers include energy utilities Engie, EDF and Fortum, and asset and infrastructure managers Actis and Brookfield. It said it has provided its technology to some 10 GW of solar projects in the past three financial quarters.
The transaction makes CIM the largest single investor in Ecoppia, which secured $13m from Harel Group, investment firm Gandyr Group and private equity firms Glenrock and Swarth Group in 2017.
Jean Scemama, Ecoppia’s chief executive, said: “This latest investment by CIM Group is a vote of confidence from one of the most prominent and sophisticated US investors.
“This capital infusion will allow Ecoppia to continue its geographic expansion, as more and more regions realise the benefits of shifting to robotic cleaning. It will also enable us to accelerate our innovative developments towards fully data-driven, automation-based solar [operations and maintenance].”
Photo courtesy of Ecoppia.