Elbit Systems Ltd., Israel’s largest non-government owned defense company, has set up a subsidiary to develop energy solutions for civilian transportation applications based on transportation technology it has already developed.
An international strategic investor will invest 16 million euros in the new company, Elbit said, in exchange for 20 percent of its shares, and will allow the new unit access to several of its own energy-related technologies.
“The statement didn’t say what the deal is about but in the past Elbit said it had developed a technology for fast-charging electric batteries,” Gilad Alper, a senior analyst at Petah Tikva-based Excellence Nessuah Brokerage. “It was something they developed for the army but are now looking to implement for civilian purposes, perhaps for public transport or perhaps also the growing electric car market. The latter could be a huge opportunity, but it is still very early days and Elbit’s statement was quite obscure.”
Headquarters of the new company will be in Israel and will employ the workers of Elbit Systems Land & C4I’s energy business unit, the company said in a statement last week.
“Elbit Systems’ extensive array of technologies enables us, from time to time, to develop technologies providing solutions for the commercial market,” Bezhalel Machlis, Elbit Systems president, said in the statement. “I expect this new company will grow substantially and develop more energy solutions for civilian transportation applications.”
Elbit Systems develops a range of defense, homeland security and commercial programs throughout the world, operating the field of aerospace, land and naval systems, unmanned aircraft systems, and advanced electro-optic products, among others.