Electra Consumer Products reported this morning (Thursday) on the signing of another agreement with a European giant for the sale of heating systems in the amount of approximately NIS 350 million. The agreement was signed with the Weishaupt company and is added to Electra’s agreements with Bocsh and other brands totaling more than NIS 2 billion.
This is an agreement for the years 2023-2025 that is added to the agreement reported by the company for the supply of heating systems in the amount of about one billion shekels to another strategic customer in Europe.
“Today, due to the energy crisis affecting it, Europe needs efficient and urgent solutions for heating, and the unique systems we have developed are a high-quality and attractive alternative for the leading companies, including Weishaput,” said Zvika Schwimmer, CEO of Electra Consumption. “This agreement may contribute to our annual revenues of Hundreds of millions of shekels starting next year.”
The company expects that its revenues from the sale of products to Weishaupt will amount to a total of approximately NIS 350 million during the period of the agreement. The agreement is valid until the year 2025 and will be automatically renewed for another year each time until the year 2025. This is the second agreement on which Electra Consumer Products reports in about two weeks. About two weeks ago, the company signed an up-to-date agreement with another strategic customer in Europe, which was extended until 2026, and whose total scope was increased to a total of one billion shekels. In total, the current agreement is added to Electra’s agreements with Bocsh and other brands totaling more than NIS 2 billion.
It should be noted that all the agreements will be carried out by a company that is jointly owned by Electra Consumer Products (60%) and the European Bosch concern (40%), who are jointly establishing Electra’s innovative factory in Ashkelon, which will be a clean and environmentally friendly factory, from which significant exports to the European market are planned.
Electra stated that due to the significant increase in demand for inverter-based heating systems from strategic customers, as well as from a customer from the BOSCH group and from other customers for whom the company develops and manufactures heating systems, the subsidiary’s export sales will grow in the years 2023 – 2026 to a total of approximately NIS 350 million per year and up to for a total of about NIS 800 million per year at the end of the period.