Tightening the partnership: Discount Capital will invest in Alumenergy at a valuation of 406 million shekels
Discount Capital, the investment arm of Discount Bank, is acquiring a 16.5% stake in Alumenergy for 80 million shekels. The deal values the energy company at 406 million shekels.
Discount Capital, the investment arm of Discount Bank, is carrying out its second investment with the Aluma infrastructure fund. Calcalist has learned that Discount is acquiring 16.5% of the shares of Alumenergy, the energy arm of Aluma, for 80 million shekels, which gives Alumenergy a valuation of 406 million shekels. This is a valuation similar to that at which Aluma acquired the natural gas operations of Supergas, controlled by the Zalkind brothers, at the end of April. At that time, it acquired the operations for 395 million shekels, and the small difference in price reflects interest for the time between the two transactions.
At the same time, Discount will acquire 4% of the Aluma fund itself for 14.5 million shekels at a price of 1.13 shekels per share, which reflects a premium of about 22% above the market price. The investment will be cash-in into Alumenergy, a subsidiary managed by Yair Hirsch, whose sole holding is the natural gas activity acquired from Supergas. This is the first investor that Aluma is bringing in, and it is possible that it will bring in additional investors to expand operations with the investment funds and carry out further acquisitions in the field. Aluma will remain with 83.5% of the shares of Alumenergy.
Alumenergy was established as an arm of Aluma in the fields of natural gas, electricity generation, cogeneration, trigeneration, renewable energy, and BTM storage. With the acquisition of the activity, Aluma aimed to develop a larger platform in the field. The transaction was led on behalf of Discount Capital by investment manager Hanoch Papushado. It should be noted that Michal Kisus is expected to replace Hila Himi as CEO of Discount Capital starting in September.
The activity includes the supply of natural gas to various industrial plants across the country, through gas distribution and compressed natural gas lines, the supply of compressed natural gas to more than 1,000 buses and trucks in the country, and the management and operation of cogeneration stations with an active volume of 33 megawatts, alongside a backlog of additional projects of 30 megawatts. Supergas sold the activity as part of a strategic decision to focus on the core areas of LPG and electricity supply.
Aluma financed the transaction from the sale of the Exalera company to the Essence Partners company of the Weil brothers and other partners for half a billion shekels, of which it received 81.6% of the amount and the rest was received by Ayalon Insurance. Aluma paid 281 million shekels at the time of the transaction's completion, while it is supposed to pay an additional 114 million shekels two years from the date of the transaction's completion. Aluma paid an additional 11 million shekels for the negative balance of the net financial debt of the company it acquired.
This is not the first transaction in which Discount is investing in an Aluma company. A year ago, in August 2025, the bank invested 32 million shekels at a valuation of 160 million shekels in Esco Israel, which operates in the field of energy efficiency. Aluma was founded and is managed by Uri Yogev, former head of the Budget Department, Moli Ravina, and Yair Hirsch. The fund invests in infrastructure companies in the fields of infrastructure, energy, and environmental protection, and in the communications sector. It holds the Tiver company in the field of communications towers, Esco in the field of energy efficiency, and Hen HaMakom in the field of household waste. The fund is traded at a valuation of 280 million shekels after a rise of 7.5% since the beginning of the year.
