Mor and Shestovitch Invest NIS 200 Million in Ener-T Renewable Energy Company Ahead of IPO
Investment firm Mor and consumer goods importer Shestovitch are injecting NIS 200 million into Ener-T, a renewable energy technology company owned by the Hertz family. This deal values Ener-T at approximately NIS 1 billion post-investment and serves as a preparatory step for an upcoming initial public offering on the Tel Aviv Stock Exchange planned for the coming months. Most of the investment funds will go directly to the company, with a smaller portion paid to its founders, Chairman Yehuda Hertz and CEO Asaf Hertz.
Ener-T employs around 150 people and operates its headquarters in Jerusalem, with execution branches in Modiin and offices in Ramat Gan and Tel Aviv. The company covers nearly the entire value chain in solar energy, from land acquisition and project initiation to engineering, construction as a main contractor, and ongoing project management. Its diversified business model generates hundreds of millions of shekels annually, including from agro-voltaic installations that combine solar power generation with agricultural land use.
Yehuda Hertz, a pioneer in thermo-solar energy since the 1970s, previously founded and led Electric Fuel, a zinc-air battery company listed on NASDAQ. After expanding his energy ventures across Europe and Asia, he returned to Israel with his son during the COVID-19 pandemic to establish Ener-T. The company collaborates with renewable energy firms Doral and Shamir Energy.
Initially focused on thermo-solar power plants using parabolic mirrors to heat oil and drive turbines, Ener-T developed three 150 MW thermo-solar projects in Europe worth about one billion euros, later selling its stakes. It also built a $300 million project in India. As the market shifted to photovoltaic solar panels, Ener-T pivoted to this technology, emphasizing agro-voltaic projects in Israel, where it serves as the main contractor.
Ener-T and Doral jointly own Anko, which develops floating solar systems on water reservoirs and agro-voltaic projects. The company is also active in biogas, producing energy from organic waste. This quarter, through a joint venture with Shamir Energy, Ener-T will begin constructing a biogas plant near the Gaza border to process 350 tons of waste annually. The Israeli government granted NIS 50 million for construction and a similar amount for operations, with total project costs estimated at NIS 600 million. This is the first of four planned biogas plants.
Ener-T holds a project pipeline totaling hundreds of megawatts, including solar, energy storage, and biogas facilities. Its international operations span China, India, and several European countries such as Romania, Greece, Cyprus, the UK, and Italy. Mor and Shestovitch were represented by attorney Orit Israeli from Eldad Koresh & Co., while Ener-T was represented by Nir Dash from Herzog Fox & Neeman.
