Electra Consumer Products embarks on solar energy

Electra Consumer Products (TASE: ECP), controlled by the Salkind family, has announced its entry into solar. The company, which is mainly known for the production and sale of electric consumer goods, and which owns retail chains such as Shekem Electric and Mahsanei Hashmal, says it will enter the energy equipment business. solar in two ways.

Electra Consumer Product has signed an agreement with SolarEdge (Nasdaq: SEDG), under which a subsidiary, Electra Solar, will sell SolarEdge’s products for solar home systems in Israel, using SolarEdge inverters and panels in all installations. ‘she realizes, under the SolarEdge brand.

The company also acquired control of Solar Sensei, which imports, produces and distributes equipment for solar energy systems such as solar panels, converters, optimizers, etc. Solar Sensei represents the American solar panel company Sunpower Corporation in Israel. Electra Consumer Products and Solar Sensei have formed a partnership under the name Electra Solar Equipment, which has acquired the assets and operations of Solar Sensei and in which Electra Consumer Products holds 50.1%.

Electra Consumer Products said in its announcement that it expects the two agreements to generate annual revenue of around NIS 400 million within three years. Company CEO Zvi Shwimmer said, “We intend to leverage our capabilities in, among others, logistics, finance, marketing, sales and service to become, within a few years, a dominant player in Israel in the field of solar energy, which we see as a complement to the company’s consumer products business. “

The Electra Consumer Products share price has risen 40% so far this year, although it is down 9.3% in the past three months.

Posted by Globes, Israel business news – en.globes.co.il – November 1, 2021.

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Rosemary C. Kearney