Clal Insurance Invests NIS 250 Million in BLenergy's European Energy Storage Projects

BLenergy, the energy arm of the Belilios family, is partnering with Clal Insurance in a strategic investment totaling NIS 250 million. Over 90% of this amount will be directly invested in energy projects across Europe, primarily in Eastern Europe, while the remainder will be invested in the company itself, where Clal will hold up to a 20% stake. BLenergy specializes in the planning, supply, construction, and operation of energy storage systems, working with major Israeli companies such as Enlight and Doral. Their systems utilize battery storage technology from TACL, a leading Chinese company in electric vehicle and energy storage batteries.

Unlike in Israel, where BLenergy mainly builds energy facilities for other companies and has installed 6 gigawatts of capacity, in Europe it plans to develop and retain ownership of its projects. The first project is set to launch in Lithuania in collaboration with Shamir Energy, a company in which Clal holds significant shares. BLenergy previously partnered with Trilight, owned by Menora Mivtachim, for energy activities in Israel but does not plan to continue due to market competition and increased domestic market saturation.

The energy division of the Belilios Group is managed by Asaf Wasertzog, former deputy budget director, under the ownership of brothers Danny and Eli Belilios. The group is active in public transportation, real estate, and automotive sectors, and began importing TACL products in 2019. Their energy storage operations involve specialized containers that store electricity to sell during peak demand at higher prices or buy during low demand at cheaper rates. The group is led by Udi Ediri, former CEO of the Israeli Ministry of Energy.

Clal Insurance's investment will enable BLenergy to develop projects worth NIS 1.2 billion, leveraging local bank financing. The deal was led by Barak Bensky, head of investments at Clal, along with Avital Cohen and Guy Cohen. Over the past two years, Clal has expanded its energy investments, acquiring 19% of Nofar Israel for NIS 300 million, investing NIS 200 million in the Kassem power station, and hundreds of millions of euros in Shamir Energy, both in the company and its projects. Clal has also invested hundreds of millions of dollars in international green energy companies.