Elbit Systems announced today (Thursday) that it is establishing a new company, based on its in-house developed energy technology for transportation. The new company will develop energy solutions for civilian transportation applications.
An international strategic investor will invest 16 million euros in exchange for 20% of the new company's shares and will grant the New Company rights in several of its energy related technologies.
The new company headquarters will be based in Israel and the employees of Elbit Systems Land & C4I’s energy business unit will be employed in the new company.
Bezhalel (Butzi) Machlis, Elbit Systems President, said: "Elbit Systems' extensive array of technologies enables us from time to time, to develop technologies providing solutions for the commercial market." Machlis further said that he "expect this new company will grow substantially and develop more energy solutions for civilian transportation applications."