EcoEnergy’s Europe Bet Powers a Sharp Turnaround in Israel’s Market
EcoEnergy, the renewable energy company listed in July 2021, has become one of the most closely watched stocks on the Tel Aviv exchange even after falling about 18% in the past week. Since its IPO, the company has swung from a valuation of 1.15 billion shekels, to a low of about 356 million shekels less than two years later, and then to a peak of about 5.2 billion shekels a month ago. It joined the TA-90 index in early May, a notable milestone for a company once seen as one of the disappointments of the 2021 IPO wave.
Founded in 2009 by controlling shareholders Eyal Podhorzer and Yoav Shapira, who own 15.6% each and serve as CEO and deputy CEO, EcoEnergy changed its business model in 2021. Instead of developing renewable projects and selling them, it chose to own them long term and earn recurring power revenues. The transition took time, with regulatory and operational delays, but in 2024 it began to show up in the numbers. Revenue from electricity sales rose from 566,000 euros in 2024 to 8.7 million euros in 2025, and the company forecasts 184 million euros by 2027.
Podhorzer told Calcalist that wars in Ukraine and Iran, including the threat to the Strait of Hormuz, strengthened Europe’s view that its power grid cannot rely on fossil fuels. He said Europe is moving away from imported gas toward local generation, while regulations are speeding up grid connections and governments are investing more in transmission networks. EcoEnergy has focused exclusively on Europe, starting in Italy after abandoning Israel’s smaller, tighter market. Early partners included Enlight and Noy Fund, and a 2020 deal with UBS brought 100 million euros into its projects.
By the end of the first quarter of 2026, EcoEnergy had 472 MW in commercial operation plus 50 MW of storage, 741 MW under construction or ready for grid connection, another 743 MW of storage at that stage, and about 1.5 GW more nearing construction. That implies a mature pipeline of about 3.5 GW and another 5.6 GW in advanced development. The company has expanded from Italy to Britain, Germany, Poland, Romania and now signed an MOU to enter France. Romania is now its main market, with Podhorzer saying EcoEnergy is the leading player there.
EcoEnergy has also brought in institutional backing, including Phoenix, which entered in 2022 and later expanded its commitment, and the French infrastructure fund Rgreen. The company says its edge is that it can originate, plan, build and manage projects itself at 25,000 to 30,000 euros per MW, well below the cost of buying existing projects or using local contractors. Its 2021 IPO raised only 148.5 million shekels, far below the original ambition, but since then it has raised about 1.1 billion shekels from institutional investors in 2025 alone, including 550 million shekels in the past month. The company now expects EBITDA to rise from 22.7 million euros at the end of 2025 to 61 million euros in 2026 and 150 million euros in 2027, with storage adding about 24 million euros a year in Romania.
