Ogwind – raising capital of up to NIS 165 million at a discount of 20% – the capital market

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Reports capital raising of up to NIS 165 million. The company also reports that it is conducting advanced negotiations with a third party to grant the right to exclusive distribution in Israel for the construction of storage systems for the benefit of AirSmart energy efficiency.

As part of the raising in a private placement, there is entitlement to ordinary shares of the company at a price of NIS 82 per share, as well as half an option (non-tradable) for each share that the company will issue as part of the raising in the private placement. The non-tradable options will be exercisable for ordinary shares of the company at an exercise price of NIS 125 for the period up to 1.1.2022. This is a total discount of about 20% (given the option) and it probably winks at investors, though, this is a company that is still far from proving its worth.

Ogwind is traded at a market value of about NIS 1.6 billion. The company’s share soared 106% in June and completes a jump of over 1000% since the beginning of the year. Is there a justification for such a stock market value given that the company has sales of NIS 6.9 million? The company reports contracts with leading industrial companies in the economy – Tnuva, Strauss, Nesher, Israel Aerospace Industries and more – and yet – it is not certain that it justifies value in the sky.

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However, the field of energy storage is the “next thing” in the field of renewable energy. The company is engaged in the production and storage of energy using compressed air in industrial plants. Ogwind has developed compressors that store energy, which produce electricity that the plant uses and is expected to produce savings of about 40% in electricity consumption.

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