Augwind Announces that it will Start Working on a Public Offering in the United States
The company believes that the success of this move will contribute significantly to realization of its vision, which is essentially to become a world leader in energy efficiency and energy storage for the benefit of the electricity sector
YAKUM, Israel, Feb. 16, 2021 /PRNewswire/ -- Augwind (TASE: AUGN) specializes in the development and commercialization of advanced compressed air storage technologies for various applications, mainly for increased energy efficiency in factories and industries (AirSmart), and for high-capacity energy storage applications for the electricity sector (AirBattery). The technologies are for, among others, renewable energy electricity generation sources such as PV or wind, utilities and distributors across the energy supply chain, and for commercial and industrial customers that require efficient integration of renewable energy sources.
The company announces that its board of directors has instructed management to promote a public offering on a stock exchange in the United States, either through an Initial Public Offering (IPO) or through linking up with an existing public platform (such as a SPAC), in addition to listing of the company's shares for trade on the Israeli stock exchange.
The board of directors' considerations for the decision include:
- Creating a significant presence in the American market, which is a substantial target market for the company's products. The company believes that this action will promote its business activity, particularly due to the fact that its products require significant, long-term commitments to potential customers.
- Creating transparency vis-à-vis the American market as a company reporting in English and according to U.S. reporting standards and regulations. The company believes that this action will promote its business activity vis-à-vis customers, suppliers, lenders, and investors.
- As a company targeting global infrastructure markets, Augwind's activity will require access to capital and debt sources to finance market penetration, investments and other long-term liabilities. Listing on a stock exchange in the United States would benefit the company in terms of access to additional sources of capital and debt for its potential use.
Link to the company's website.
Contact:
Tamir Vieman
[email protected]
SOURCE Augwind
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