Elbit Systems to Establish Civilian Transportation Energy Company

Elbit Systems is to establish a new company based on its in-house developed energy technology for transportation.

The new company, which has yet to be named, 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 by the 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. I expect this company will grow substantially and develop more energy solutions for civilian transportation applications.”

More to come.

See other recent news regarding: Elbit Systems, Energy, Israel