Augwind shareholders' meeting approved the Appointment of Gabi Seligsohn as Executive Chairman of the Company's Board

Seligsohn's appointment is a significant building block in Augwind's realization ofits vision of being a global market leader in energy storage

News provided by

Augwind

Apr 08, 2021, 06:39 ET

YAKUM, Israel, April 8, 2021 /PRNewswire/ -- Augwind (TASE: AUGN), which specializes in the development and installation of compressed air storage technologies to increase energy efficiency (AirSmart), and for energy storage for the electricity sector, today announced that further to the decision of its board of directors to appoint Mr. Gabi Seligsohn to the position of Executive Chairman of its board, the company's shareholders' meeting has also approved the appointment.

High-tech businessman, Gabi Seligsohn, served as President & CEO of Nova Measuring Instruments between 2006 and 2013. Between 2014 and 2018 he served as CEO of Kornit Digital, where he led its successful IPO on Wall Street. Mr. Seligsohn currently serves as director on a number of NASDAQ-traded technology companies. In 2010, he was voted CEO of the Year of the Israeli High-Tech Industry. He holds an LL.B. from Reading University in England.

Or Yogev, CEO and Founder of Augwind, said: "Among the main considerations in the decision to have Gabi join us as Executive Chairman of the company's board, were his successes with Nova and Kornit. Nova, under Seligsohn's management, turned into a global market leader – from a company that at the peak of the global crisis was traded at a value of only 8 million dollars, to a company worth approximately 300 million dollars prior to his departure.

"Gabi will play an important role in the company's public offering in the United States. We see this move as a major milestone for Augwind since it will enable the company to create a significant presence in the American market, which is a key target market for the company's products, transparency vis-à-vis the American market (as a company reporting in English in accordance with U.S. standards and regulations), and especially for access to additional capital and debt sources, which Augwind requires as a company catering to global infrastructure markets."

Link to the company's website.

Contact:
Tamir Vieman
[email protected]

SOURCE Augwind