Navitas refinances $1.35B. Top Gum’s cash injection. Eilat Port crisis deepens.
Re: January 21, 2026 in Israel - and what it all means for investors at home and abroad.
Quick Takes:
Macro: Israel’s 2025 trade deficit hit ₪131.7B; The Eilat port crisis continues.
Energy: Navitas Petroleum signs massive $1.35B refinancing deal for Shenandoah project; Turbogen signs a pilot deal with Fattal Hotels.
Capital Markets: Institutional giants inject ₪57M into Top Gum; Rami Levy Real Estate closes ₪520M IPO.
Tech & AI Venture: Auto-tech firm Cipia Vision to merge with Tomer Food; TSG merges municipal subsidiaries into a single entity to boost cross-selling; Gilat Satellite Networks books $11M order from Asia-Pacific operator; Deep33 launches $150M deep-tech fund.
Macro & Transport
Israel’s trade deficit (excluding diamonds) hit ₪131.7 billion in 2025, according to new CBS data. While imports from China dropped 4%, exports to the EU spiked 38.1% in Q4, signaling a pivot in trade corridors.
The Eilat Port Crisis continues. In Parliament yesterday, the Knesset Finance Committee exploded, with Chairman MK Hanoch Milwidsky accusing the government of letting Eilat Port "Die a slow death" due to the Houthi blockade. The Committee demanded a 3-month emergency import order, threatening to hold the state budget hostage if a solution isn't found for the port's 130 workers.
Energy & Infrastructure
Navitas Petroleum (TASE:NVPT) signed a strategic $1.35 billion refinancing agreement for its Shenandoah oil project in the Gulf of Mexico. The credit facility, led by a consortium of international and Israeli banks, follows the start of production at the site. The move allows Navitas to retire $417 million in project debt and redeem early bond series, effectively boosting the partnership's liquidity by $430 million for future expansion.
TurboGen (TASE:TURB) jumped 5.6% after signing a pilot deal with Fattal Hotels (TASE:FTAL) to install micro-turbines in the chain’s European properties, starting in Germany.
Capital Markets
Top Gum (TASE:TPGM) secured a ₪57 million cash injection today as institutional majors (Menora Mivtachim, Phoenix, More) fully exercised their options from the July 2025 placement. The investors were incentivized to exercise early by receiving new options at a significantly higher strike price (₪17, expiring 2027). This capital strengthens the balance sheet just 24 hours after Top Gum signed a $37 million LOI to acquire US manufacturing operations.
Rami Levy Real Estate completed its TASE offering, raising ₪520 million at a company valuation of ₪3.5 billion.
Tech & AI Venture
Cipia Vision (TASE:CPIA) is exiting the auto-tech sector via a reverse merger. The company signed a binding agreement to merge with Tomer Import & Marketing (owned by Doron Kimelov). Post-transaction, Cipia will rebrand as Tomer Food Conglomerate, with Kimelov holding 71.99% of the equity and assuming the CEO role. The deal brings a profitable food importer onto the public market. Investment bank More-Langerman advised on the deal and will receive a 3% equity stake. The stock surged 60% today.
TSG (TASE:TSG) announced a strategic consolidation, merging its three municipal subsidiaries: EPR Systems, Bar Technologies, and Eshed Assets, into a single operational arm. The unified entity, to be led by Uri Woldiger, aims to leverage operational synergies and enhance organic growth by offering bundled digital services to its 160 local authority clients.
Gilat Satellite Networks (NASDAQ:GILT) received an $11 million order from a leading Asia-Pacific operator for its SkyEdge platform. The system, designed for Very High Throughput Satellites (VHTS), will be delivered over the next 12 months.
Deep33 is raising a $150 million fund (first closing of $100M secured) to back US-Israel critical infrastructure tech, specifically AI infra, quantum, and energy.
Legato emerged from stealth with a $7 million Seed round led by S Capital. The startup allows non-technical business users to build SaaS apps using natural language.
TASE snapshot for Tuesday, Jan. 21, 2026
TA-35 Index (TASE:TA35): 🔴 -0.41%
TA-90 (TASE:TA90): 🔴 -0.78%
TA-125 (TASE:TA125): 🔴 -0.48%
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