Discount Capital Invests 80 Million Shekels in Alumenergy at 406 Million Shekel Valuation
Discount Capital, the investment arm of Discount Bank, is making a second investment with the infrastructure fund Aluma. Discount Capital is acquiring 16.5% of Alumenergy, Aluma's energy subsidiary, for 80 million shekels, valuing Alumenergy at 406 million shekels. This valuation closely matches Aluma's recent purchase of Supergaz's natural gas operations for 395 million shekels in late April, with the slight price difference reflecting interest accrued between the two deals.
In addition, Discount Capital will buy 4% of the Aluma fund itself for 14.5 million shekels, at a price of 1.13 shekels per share, representing a 22% premium over the market price. The investment will be injected directly into Alumenergy, which was established by Aluma and is managed by Yair Hirsch. Alumenergy's sole asset is the natural gas business acquired from Supergaz. Discount Capital is the first external investor in Alumenergy, and Aluma may bring in additional investors to expand the business and pursue further acquisitions.
Aluma will retain 83.5% ownership of Alumenergy. Alumenergy operates in natural gas supply, electricity generation, cogeneration, trigeneration, renewable energy, and behind-the-meter energy storage. The acquisition aims to build a larger platform in these sectors. The natural gas operations include supplying industrial plants across Israel, compressed natural gas for over 1,000 buses and trucks, and managing cogeneration stations with an active capacity of 33 megawatts plus a project pipeline of 30 megawatts.
Supergaz sold this business to focus on its core LPG and electricity supply activities. Aluma financed the acquisition partly through selling Axlera, a former submarine cable company, to Ascend Partners for 500 million shekels, receiving 81.6% of the proceeds. Aluma paid 281 million shekels at closing and will pay an additional 114 million shekels two years later, plus 11 million shekels for net financial debt.
This is not Discount Capital's first investment with Aluma; in August 2025, it invested 32 million shekels in Esco Israel, an energy efficiency company, at a valuation of 160 million shekels. Aluma was founded and is managed by Uri Yogev, Muli Ravina, and Yair Hirsch. The fund invests in infrastructure, energy, environmental quality, and communications sectors, holding companies such as Tiber (communication towers), Esco (energy efficiency), and Chen Hamakom (household waste). Aluma's fund is currently valued at 280 million shekels, up 7.5% since the start of the year. Michal Kisus is expected to replace Hila Himi as CEO of Discount Capital starting September. The deal was led by Discount Capital's investment manager Hanokh Papushado.
