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Israel's PowerSines seeks IPO abroad in H1
January 20, 2010 / 3:16 PM / 8 years ago

Israel's PowerSines seeks IPO abroad in H1

* Eyeing North American or European IPO

* Seeks money to penetrate U.S., Brazil, Asian markets

* Revenue growing 50 percent a year

By Tova Cohen

TEL AVIV, Jan 20 (Reuters) - PowerSines, an Israel-based provider of technology to reduce energy consumption, is planning to list on a stock market in North America or Europe within the next six months, a senior company official said on Wednesday.

The company is meeting potential underwriters and stock exchange officials, said Eli Hadar, vice president of sales. He declined to say how much the company planned to raise.

“We are going to raise money because of the demand for new applications and the marketing potential in the U.S. and Asia,” Hadar told Reuters. “We have demand but cannot afford to penetrate these markets.”

Brazil is another market PowerSines is targeting with the money it plans to raise.

Hadar declined to disclose PowerSines’ sales but said the company was profitable and had been growing at an average of 50 percent annually the past few years.

PowerSines has developed a voltage regulator for lighting systems and electric AC motors, which it says results in electrical savings of 25 to 37 percent and reduces carbon dixoide emissions by 50 percent.

It has joint ventures with several European utilities, including Geneva’s utility SIG, which sell its products to consumers such as office buildings, hospitals and hotels.

It has worked on projects such as Budapest’s street lights, Madrid’s metro and airports in Amsterdam and Geneva.

PowerSines’ clients include Coca Cola, Ford, Tesco, Ikea, Renault, McDonald‘s, DHL and BP. One of its shareholders is Shikun & Binui SHKN.TA, Israel’s largest construction firm.

PowerSines said it has received requests to use its technology in other applications, such as heating and cooling systems, which it is already doing in Geneva.

However, to develop this further it will need to use part of the proceeds from the IPO, Hadar said. (Editing by Karen Foster)

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