Aluma Buys Gas Platform as Supergas Power Raises Cash
The completed Supergas Natural transaction gives Aluma an operating base for Alomenergy and gives Supergas Power a monetization event, expected cash and an estimated NIS 10 million gain. The two reads are not symmetric: the seller gets an immediate balance-sheet event, while the buyer still has to prove operating contribution and capital discipline.
Aluma and Supergas Power closed one transaction that creates two very different reads. Aluma is buying 100% of Supergas Natural Holdings for roughly NIS 406 million and moving it into Alomenergy, the new energy vehicle through which it wants to build natural gas, cogeneration and distributed-energy activity. Supergas Power is selling the same activity, receives about NIS 292 million at closing before the deferred consideration, and expects to record a capital gain of about NIS 10 million. This is not a headline in which both sides win for the same reason. The seller gets a cash event and a path to reduce debt, while giving up future exposure to natural gas and cogeneration. The buyer gets an existing operating base with about 100 business customers, long-term contracts and annual EBITDA around NIS 39 million, but it also pays a price that raises the proof burden: Aluma must show that this activity grows under its ownership without consuming too much cash, adding opaque leverage or turning distributed energy into a story that runs ahead of the numbers.
The Deal Closed, And The Risk Moved To Aluma
The July 8, 2026 closing turns the agreement from a conditional transaction into an actual asset transfer. Total consideration was updated to roughly NIS 406 million. At closing, Supergas Power received about NIS 281 million plus about NIS 11 million as an adjustment based on Supergas Natural's net financial debt as of March 31, 2026. The remaining consideration, about NIS 114 million, is due no later than 24 months after closing, linked to CPI and, according to Aluma's presentation, does not bear interest. That deferred amount is secured by a first-ranking fixed pledge over 29% of Supergas Natural shares.
That detail matters on both sides. For Supergas Power, not all of the transaction value becomes immediate cash. A meaningful part remains a deferred receivable that has to be collected, even if it is secured. For Aluma, the transaction does not end with the first payment. It creates a future payment obligation, a new activity to consolidate or report operationally, and a need to show that cash from the Axcela sale and convertible-bond issuance is being converted into an earning asset rather than a replacement narrative.
| Side | What Changed Now | What Has To Be Checked Next |
|---|---|---|
| Aluma | Bought 100% of Supergas Natural through Alomenergy, with total consideration of roughly NIS 406 million | Revenue, EBITDA, capex, working capital and debt after the acquired activity is included |
| Supergas Power | Received about NIS 292 million at closing and a right to about NIS 114 million of deferred consideration | Lower debt, lower finance expenses and collection of the deferred amount |
| Supergas Natural | Moved from Supergas Power ownership to Aluma ownership | Retention of existing customers and growth without margin erosion |
Competition Authority approval and Natural Gas Authority approval were already received before closing, so the main test is no longer regulatory. It moves to the financial statements: whether Alomenergy reports a separate operating contribution, how much cash Aluma retains after the transaction, and how much investment is needed to turn Supergas Natural from an existing business into a growing platform.
Aluma Is Buying An Operating Business, Not Just A Distributed-Energy Label
The strongest point for Aluma is that the asset is not just an idea. Supergas Natural has operated since 2010, sells natural gas and cogeneration solutions to business customers, has CNG activity for transportation, and Aluma's presentation describes a base of about 100 B2B customers. The same presentation shows about 50 connected installations in 2026, about 33 MW of cogeneration and about 1,100 CNG buses. Financially, Aluma presented 2025 revenue of NIS 195.8 million and EBITDA of NIS 39.1 million, excluding secondary-trading estimates. The initial transaction filing showed broader figures derived from Supergas Power segment data and seller adjustments: 2025 revenue of NIS 213.8 million and EBITDA of NIS 39.6 million.
That difference is exactly where the caution begins. Supergas Natural did not prepare standalone financial statements for 2024 and 2025, and the transaction data came from Supergas Power segments and adjustments. Aluma is therefore not buying EBITDA that can be lifted cleanly into a table. It is buying an activity that has to be separated, managed, measured and reported under new ownership. Investors will need to see how the numbers look when the business stands on its own inside Alomenergy, not only how they looked inside Supergas Power.
Aluma's presentation expands the target market across several growth engines: cogeneration, CNG, behind-the-meter storage, electricity supply and data-center solutions. That supports the growth case, but it also raises the capital requirement. Aluma notes that an average cogeneration project requires about NIS 20 million of investment and has an average life of about 20 years. A potential market of 1,000 to 2,000 MW versus a current market of about 150 MW sounds large, but it will not enter the statements without capex, customers, gas connections, supplier credit and margin discipline.
That means the Aluma read should start with capital allocation. At the end of the first quarter of 2026, Aluma had cash and equivalents of about NIS 241 million, equity of about NIS 462 million and bond debt of about NIS 301 million. After the balance-sheet date, it completed the Axcela sale, with Aluma's share of the gross consideration at about $128 million, and also completed an additional investment in Greenmix. Supergas Natural is not a stand-alone event. It is part of a sharp move from a fund that realized a communications asset into a manager of infrastructure and energy platforms. That shift can create value, but it also demands more disclosure around cash, debt, investment needs and operating contribution.
Supergas Power Gets Cash, But Sells A Growth Layer
For Supergas Power, the deal is first a monetization event. The company said the sale is meant to strengthen equity and reduce debt, and in the initial transaction filing it said most of the proceeds are intended for credit repayment and lower finance expenses. Closing turns that intent into a near-term financial event: cash comes in, an asset leaves, and the expected capital gain is about NIS 10 million before audit and accounting adjustments.
Here too, the headline needs restraint. In the initial April filing, Supergas Power expected a pre-tax capital gain of about NIS 20 million, based on the first quarter financials and the actual closing date. At completion, that estimate fell to about NIS 10 million. The lower estimate does not cancel the monetization event, but it shows that the accounting gain is sensitive to adjustments, provisions and the locked-box mechanism that assigns cash flows after March 31, 2026 to the buyer.
The sale also leaves Supergas Power with a strategic question. Supergas Natural concentrated the group's natural gas and cogeneration activity, which the annual report described as serving industrial and institutional customers, using long-term contracts, quantity flexibility and customer credit, with part of the gas-supplier obligations backed by customer agreements. Selling the activity improves liquidity, but it also reduces future exposure to the same activity that Aluma is treating as a growth engine.
In Supergas Power's next reports, the useful evidence is therefore less the gain itself and more the use of proceeds. If debt falls and finance expenses decline, the sale will look like sensible capital allocation that focuses the company on the remaining core. If the proceeds are absorbed by other needs, or if the deferred amount remains too large a balance-sheet item, the monetization will be less clean than the headline suggests.
What Turns The Transaction From Accounting Value Into Business Value
The transaction has already closed, so the question is not whether it will happen. The question is what it does to the statements. For Aluma, the first proof point is Supergas Natural's contribution inside Alomenergy: revenue, EBITDA, margin, new customers, CNG installations, cogeneration MW and capex. The second proof point is Aluma's balance sheet after the transaction, including cash, bonds, deferred consideration, and whether a financial partner or additional debt enters the expansion plan. The third proof point is reporting quality. A business acquired without full standalone financial statements needs to show clear base metrics quickly under the new owner.
For Supergas Power, the proof point is simpler but still important. Investors need to see how much of the proceeds went to credit reduction, how finance expenses changed, when the NIS 114 million deferred balance is collected, and what recurring earnings base remains after the natural gas and cogeneration activity leaves. A one-time capital gain of about NIS 10 million can strengthen a quarter, but it does not replace recurring operating profit.
The current conclusion is a real transaction with two different balance sheets. Aluma is buying a platform that can change its operating profile, but the price and future investment needs raise the proof burden. Supergas Power monetizes an asset and receives a route to reduce debt, but it also sells exposure to an activity the market treats as growth. Reading the transaction only as a distributed-energy headline misses the point. Its value will be decided over the next quarters by the cash left at Aluma after investment, the debt reduced at Supergas Power, and Supergas Natural's ability to show separate operating contribution under new ownership.
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