EKOS Electric applied to the Capital Markets Board (SPK) for an initial public offering.

EKOS Electric applied to the Capital Markets Board (SPK) for an initial public offering.

EKOS Electric has applied to the Capital Markets Board (SPK) for the approval of the prospectus within the scope of the initial public offering of company shares, taking significant steps towards becoming a publicly traded company.

The first and only Turkish company to design and produce Primer GIS (Gas-Insulated Switchgear for transmission networks) technology, EKOS Electric, expressed its commitment to go public. Tarık Akbaş, the Chairman of the Board of Directors of EKOS Electric, stated that they have applied to the Capital Markets Board (SPK) for prospectus approval and highlighted the company’s continuous efforts to advance its technologies developed with its own engineering skills since its establishment.

“We prioritize research and development (R&D) activities from the day we were founded.”

Continuously advancing our technologies with our own engineering skills, producing with high quality and production power, and reaching all corners of the world every day. In this special year when we celebrate the 100th anniversary of our Republic, we attach importance to becoming a global brand originating from our country. At the same time, we aim to add another important milestone to the history of our company. In line with this goal, we have submitted our applications to the Capital Markets Board and Borsa Istanbul to go public,” said Akbaş.

“Contributing to the continuity of life with our products and services”

Highlighting that they are not only a manufacturing company but also a technology and engineering company that designs new products and processes, Akbaş said, “As EKOS Electric, with our products and services, we ensure the supply security at every link of the value chain, from the production of electrical energy to reaching the end-user. Thus, we contribute to the continuity of production and life at every point where electricity is present, especially in the industry. Since our establishment, we prioritize R&D activities, allocating a significant portion of our turnover to R&D. In addition to developing new products in our R&D activities, we also work to improve our manufacturing processes in terms of ease, efficiency, speed, and quality. As a result of our R&D efforts, we became the first company in Turkey to produce gas-insulated medium-voltage cells. We are also the first and only Turkish company capable of designing and producing Primer GIS technology. We have completed our R&D activities for SF6-free Green GIS Cells as well. With this product, we have achieved another first in our industry. With our innovative perspective and holistic solutions, we compete with global brands and work with all our might to increase our country’s share in the global market.”

“We continue our profitable and stable growth”

Stating that they have carried out product and system sales to 34 countries on four continents, Akbaş said, “Through our facilities and offices in Algeria, Portugal, Senegal, the Netherlands, and Bangladesh, we increase our export share every day while contributing to our country’s exports. The demand for our products and services is rapidly increasing both in our country and in global markets. In 2021, we increased our sales by more than 55% compared to the previous year, and in 2022, this increase exceeded 120%. In the first half of 2023, we also continued our profitable and stable growth. We aim to successfully complete the year in line with our goals as in the past periods.”

“As the growing player in the growing sector, we continue our investments”

Emphasizing that the need for energy is growing every day on a global scale, Akbaş said, “While there is an increase in demand due to the emergence of alternative energy sources in developed countries, countries that have not yet completed the industrialization process require new energy infrastructures. As energy sources transform into renewable energy, large powerful energy plants operating with fossil fuels are gradually being replaced by wind and solar power plants, sometimes established at the neighborhood, site, or even residential level, operating at smaller capacities. This situation is beginning to cause a major transformation in the entire electricity energy value chain. At the same time, investments in energy storage, E-house (compact energy distribution centers), and electric vehicle charging stations are rapidly increasing. This transformation, which reduces the physical distances between the production and consumption points of electrical energy, will also rapidly increase the need for OG switching products and transformer centers, which are essential for the infrastructure. In line with these developments, we have shaped our growth strategy. As the growing player in the growing sector, we will continue our investments not only in our existing products and services but also in renewable energy and storage systems, as well as investments in electric charging stations.”

“We have started the investment in a new transformer factory for renewable energy projects”

Akbaş stated that they have started the investment in a transformer factory adjacent to our total 46,000 m2 production facility in Balıkesir OSB. They aim to commission the factory in the first quarter of 2024. They also plan to commission the distribution transformer test laboratory in the Transformer Factory in the first half of 2024. In their laboratory, in addition to routine and special tests, they will conduct high-voltage dielectric insulation tests, insulation oil, and gas analyses. They aim to accelerate prototyping, certification, and commercialization processes in the laboratory, which will be accredited by TÜRKAK.

“We are planning a new factory investment specifically for renewable energy projects”

Expressing that they plan to make additional line investments to produce products with a variety of power, insulation, and voltage levels with special type transformers for renewable energy production and storage plants, Akbaş said, “Among our future goals, there is also a new factory investment for the production lines of electrical equipment and integrated solutions specially designed for renewable energy projects. With these investments, we will support our country’s energy independence and also contribute to the development of the region with the employment we provide, especially in Balıkesir.”

“We continue our journey with more than 3 million new stakeholders”

Stating that they have full confidence in their industry and themselves, Akbaş concluded, “We continue our journey even stronger with more than 3 million new stakeholders who share this journey of success and trust us. We are aware that we are only at the beginning of the road in line with our goals. We will respond more strongly to the increasing demand with our ongoing and new investments and continue to shape our sector with our R&D studies.