Israeli renewable energy company Solegreen signed a non-binding agreement last week to purchase S'energy in a NIS 50 million acquisition.
Solegreen works in the fields of development, funding, construction and maintenance of renewable energy facilities. The green company is also in the American, Italian, German and Greek markets, in addition to Israel.
S'energy, founded in 2017, is a major player in the solar energy field in Israel and has a presence in the Greek wind power market.
The company specializes in the establishment, operation and maintenance of photovoltaic systems. Photovoltaic systems use semiconducting materials, similar to those used in computer chips, to convert solar beams into energy.
The agreement is part of Solegreen's attempt to increase its profile as an international entrepreneur in the green energy field.
"We are delighted with the opportunity to merge with S'energy," Erez Balasha, CEO of Solegreen's majority shareholder Generation Capital Investment Fund said, adding that the two companies "complete each other."
"We believe the acquisition will position the merged company as a leader in its field," Balasha noted.
Solagreen CEO Gal Bogin stressed that the completion of the non-signed agreement will enable the company to "possess significant capabilities and expand and diversify its assets."
Solegreen shares will also be handed out to the former S'energy owners as part of the deal.