E.ON ECONOMIC

Supply Chain & Sourcing Relationships

E.ON SE is a German energy utility whose disclosed core divisions are Energy Networks, Energy Infrastructure Solutions, and Energy Retail.^{1, 2} no public evidence identified of commercial sourcing relationships with Israeli agricultural aggregators or exporters including Mehadrin, Hadiklaim, Galilee Export, or Agrexco successors.^{1, 2} no public evidence identified of importer-of-record structures, seasonal produce procurement, indirect sourcing of Israeli-origin consumer goods, or settlement-origin product sales; these are not identified features of E.ON’s disclosed energy-sector business lines.^{2, 3}

E.ON Israel Ltd. is the confirmed Israel-facing E.ON entity, and prior ecosystem material describes it as a technology-scouting and software-engineering centre of excellence rather than a physical-goods procurement entity.⁴ E.ON’s 2022 and 2023 statutory schedules list E.ON Israel Ltd., Herzliya, Israel, as 100%-held by the group at the respective reporting dates.^{5, 6} The accessible 2024 and 2025 E.ON reports do not textually identify E.ON Israel Ltd. or Herzliya, which does not establish that the subsidiary was discontinued.^{2, 3}

No public evidence identified in the bounded review of E.ON Israel Ltd., FEV, Buildots, or RWE’s historical Belectric Israel business operating in West Bank, East Jerusalem, or Golan Heights settlements.^{7, 8, 9, 2, 10, 11, 12}

Product Origin, Labeling & Regulatory Compliance

No E.ON-related findings appear in the Don’t Buy Into Occupation 2025 coalition report or PAX’s June 2024 report on companies arming Israel and their financiers, both of which were checked for company mentions.^{7, 8} Document-scoped checks likewise found no E.ON mention in the reviewed UN, OHCHR, DBIO, Who Profits, Amnesty, Human Rights Watch, Al-Haq, KLP, and insurance-sector materials.^{7, 8, 9} These are document-scoped findings rather than a database-wide determination concerning every E.ON affiliate.^{7, 8, 9}

No public evidence identified of NGO investigations, customs findings, settlement-product-labeling disputes, DEFRA findings, or country-of-origin compliance controversies involving E.ON.^{7, 8, 9} No dedicated Who Profits company-database profile for E.ON was located in the reviewed materials.^{7, 8, 9} no public evidence identified of an E.ON policy specifically addressing labeling of goods from occupied territories; E.ON’s general human-rights policy and supplier code described in its 2025 reporting were not identified as Israel- or OPT-specific.²

E.ON does not appear in the OHCHR settlement-business database as mirrored by OpenSanctions.⁹ This is evidence concerning the checked source, rather than a complete determination concerning every E.ON or RWE affiliate.⁹

Investment, Capital & Financial Exposure

In December 2018, E.ON executives Philipp Ulbrich and René Rindermann stated that E.ON intended to invest in Israeli startups at intermediate funding stages through its “Agile Accelerator” programme, with typical tickets of €200,000 to €10 million; they also described a dedicated Israeli scouting representative and participation in the SOSA innovation platform in Tel Aviv.¹³ Tel Aviv-founded industrial and operational-technology cybersecurity firm Indegy won an E.ON startup competition and entered a joint critical-infrastructure cyber-defence pilot with E.ON.¹³ Tenable, rather than E.ON, acquired Indegy for approximately $78 million in December 2019, and no evidence identified confirms that E.ON held an Indegy equity stake.^{14, 15}

A previously surfaced claim that E.ON belonged to SOSA’s international-corporation innovation network remains unverified because no specific E.ON or SOSA primary source was located, and the reviewed SOSA Innofense/DDR&D page did not name E.ON.¹⁶ Startup Nation Finder’s listing of eleven claimed Israeli FEV portfolio companies remains an unverified aggregator lead because it supplies neither deal documents nor investment terms, dates, ownership percentages, or fund attribution.¹⁷

Innogy, which E.ON reacquired in November 2020, had operated an Innogy Innovation Hub with an Israel office and promoted Israeli energy-startup engagement in 2019.^{18, 19} Following the acquisition, Innogy Innovation Hub’s standalone activity was folded into E.ON’s Future Energy Ventures (FEV) platform.¹⁸ E.ON’s 2024 reporting describes FEV as an internationally active investment fund and E.ON as its strategic partner, through which E.ON accesses startups; it distinguishes FEV from E.ON One, which acquires and integrates companies.³ This supports a strategic relationship but does not establish that FEV is an E.ON subsidiary or that E.ON directly owns each portfolio position.³

The named Israeli FEV corporate vehicle is more specifically documented than the general FEV relationship. E.ON’s 2022 and 2023 schedules list FEV Future Energy Ventures Israel Ltd., Herzliya, at 100% group ownership, and E.ON’s 2024 statutory financial statements likewise list it at 100% and as non-consolidated because of immateriality.^{5, 6, 20} Commercial registry data identifies Future Energy Ventures Management GmbH as its shareholder, while a Slovak public-register verification document describes that manager as wholly owned by E.ON Verwaltungs GmbH.^{21, 22} This establishes a documented E.ON-group ownership chain for the named Israeli vehicle, but does not establish that every FEV fund investment is a direct E.ON SE investment or that E.ON approved each transaction.^{3, 22}

Coverage characterized FEV as an E.ON-linked venture-capital investment and collaboration platform with hubs including Israel and Silicon Valley, and reported a $270 million energy-transition technology fund.^{23, 24} FEV stated in January 2024 that E.ON and the European Investment Fund had anchored a new SFDR Article 9 fund, then targeted at €250 million with €110 million secured.²⁵ FEV announced on 16 December 2025 that Future Energy Ventures Fund II closed at €205 million, with a further €30 million Italy vehicle, and identified E.ON SE and EIF as initial anchor investors.²⁶ Neither source discloses E.ON’s individual commitment, its capital-account position, general-partner economics, investment-committee role, veto, voting right, or transaction-specific authority.^{25, 26}

Buildots’ 4 August 2021 announcement states that FEV participated in its $30 million Series B, while E.ON’s 2021 annual report describes FEV as E.ON’s venture-capital investment platform and names Buildots among startups completing financing rounds.^{27, 28} FEV reported participation in Buildots’ $60 million Series C announced on 17 May 2022.^{29, 28} Buildots reported FEV participation in its $45 million Series D announced on 29 May 2025, led by Qumra Capital; the announcement identifies only Qumra’s managing general partner as joining Buildots’ board.^{30, 31} The Series D participation occurred after the 19 July 2024 ICJ advisory opinion and the November 2024 ICC arrest warrants, while remaining a fund-level investment rather than a confirmed direct E.ON acquisition.^{32, 33, 30, 3}

No public evidence identified of the specific FEV legal fund or vehicle making any Buildots round, the amount invested, E.ON’s committed capital, ownership percentage, board rights, investment-committee approval, or E.ON authority to direct or approve a Buildots transaction.^{27, 28, 25, 26, 31} Fund II cannot be presumed to have financed the 2021 Series B or 2022 Series C because its formation was announced in 2024.^{27, 28, 25}

A primary SEC filing establishes that FEV Future Energy Ventures Israel Ltd. was a former equity holder in Israeli company Waycare: Rekor Systems’ October 2021 Form S-3 lists the entity among former Waycare holders receiving Rekor shares following Rekor’s August 2021 acquisition, with 139,038 shares before the resale offering and less than 1% of the class.²⁷ The filing does not identify the original investment date, price, instrument, fund vehicle, capital source, E.ON commitment, governance rights, or settlement, defence, IDF, state-contract, or critical-infrastructure nexus.²⁷

No public evidence identified of E.ON acquiring or controlling an Israeli operating manufacturer, consumer business, energy utility, infrastructure company, or defence prime.^{2, 5, 6, 20} no public evidence identified of E.ON underwriting Israeli sovereign debt, Israel Bonds, or war-bond syndicates.^{2, 3} E.ON does not hold a disclosed stake in the Leviathan gas field, whose cited disclosed partners are Chevron, Delek, Avner Oil Exploration, and Ratio Oil Exploration.³⁴ no public evidence identified of an E.ON stake in Israeli offshore-gas assets.^{34, 2, 3}

RWE’s 15% E.ON holding is accounted for by RWE as a financial asset rather than a consolidated operating business, with a reported 2025 fair value of €6.3 billion, carrying amount of €6.324 billion, and €218 million 2025 dividend income, compared with €210 million in 2024.³⁵ During RWE’s E.ON shareholding, RWE controlled Belectric Israel Ltd. for at least part of 2020 through its December 2021 disposal.^{10, 11, 12} RWE’s 2021 reporting records a €4 million group-level gain on deconsolidation from the disposal, but does not allocate gain, revenue, assets, personnel, tax, projects, or customers to Israel.¹¹ no public evidence identified of post-2021 RWE-controlled Israeli operations, Israeli sovereign- or war-bond financing, or settlement-linked activity in the bounded reviewed records.^{35, 36, 37}

Operational Presence & Market Activity

E.ON’s primary 2023 statutory schedule lists E.ON Israel Ltd., Herzliya, Israel, at a 100.0% group stake as of 31 December 2023 and classifies it as a non-consolidated affiliated company measured at cost because of subordinate importance.⁶ A secondary reproduction of E.ON’s statutory Section 313(2) HGB list, labelled as of 31 December 2025, again lists E.ON Israel Ltd., Herzliya, at 100.0% with the same immaterial non-consolidated notation.³⁸ This corroborates continued group ownership through 2025, but does not replace an issuer-hosted statutory filing.³⁸

Commercial registry-data provider CheckID displays E.ON Israel Ltd., company number 516283298, as an active Israeli private limited company at 1 Arieh Shenkar, Herzliya, with its last annual report shown as filed in 2024.³⁹ CheckID is not an official Israeli Companies Registrar extract and its displayed incorporation date should not be treated as conclusive evidence of original formation because its event history includes earlier entries.³⁹ Its reported officer and director changes in January and November 2025 are administrative events, not proof of revenue-generating operations or E.ON SE operational direction.³⁹

No official, dated Israeli Registrar extract was retrieved, and no issuer-hosted complete statutory schedule for 31 December 2024 or 2026 was located in the bounded review.^{6, 20, 38, 39} no public evidence identified of dissolution, sale, or transfer of E.ON Israel Ltd.; the available evidence supports continuation through 31 December 2025 but does not independently establish its Registrar status on the audit date.^{6, 38, 39}

Prior sources describe E.ON Israel Ltd. as Tel Aviv-based and assign a platform-provided LinkedIn employee-size band of 51–200, whereas E.ON’s 2022 and 2023 primary schedules record the entity in Herzliya at their reporting dates.^{4, 5, 6} The employee band is not a payroll disclosure.⁴ Current legal status, workforce, revenue, tax registration, tax payments, and continuing ownership beyond the reviewed schedules are not confirmed by later issuer-hosted primary filings.^{2, 3, 6, 20}

E.ON Israel Ltd.’s entity-branded communications support post-2023 innovation and ClimateTech ecosystem engagement in Israel, including discussion of E.ON’s activities, relevant technologies, innovation strategy, and stakeholder collaboration.⁴⁰ Third-party material reflecting on 2024 activity also names E.ON Israel Ltd. as an ecosystem partner alongside the Israeli Ministry of Energy and Infrastructure, Israel Electric Corporation, Startup Nation Central, and other organizations, without describing contractual terms, funding, duration, or contributing E.ON entity.⁴¹ These materials support innovation-facing activity, not customer-facing utility operations, software-engineering output, dedicated R&D facilities, customer sales, headcount, payroll, revenue, or regulatory authorization.^{40, 41}

No public evidence identified of a post-2023 E.ON Israel Ltd. annual account, tax assessment, VAT registration, payroll filing, office lease, Israeli energy-regulatory licence, audited local revenue figure, R&D expenditure, software product, or disclosed commercial contract.^{2, 3, 6, 39} no public evidence identified of E.ON retail-energy operations, warehouses, customer-facing energy sales, Israeli regulatory licences, Israel-specific revenue, or tax payments.^{2, 3} E.ON’s 2025 report identifies its European energy divisions but does not identify Israel as an energy-network, energy-retail, or energy-infrastructure market.² The 2024 report has no text match for “Israel,” and the 2025 report’s Israel references concern regional geopolitical and commodity-price developments rather than an Israeli operating market or subsidiary.^{2, 3}

RWE’s historical Israeli operating exposure is more concrete. BELECTRIC’s corporate history records its entry into RWE Renewables in 2020 and construction of its first floating photovoltaic system in Israel that year, without naming the site, customer, capacity, or timing relative to RWE’s acquisition.¹² On 17 December 2021, RWE Renewables announced the sale of Belectric’s European and Israeli businesses, including Belectric Israel, to Elevion Group; RWE described the divested business as third-party solar engineering, procurement and construction, plus operations and maintenance services, and kept financial terms confidential.¹⁰ RWE’s reporting confirms completion in December 2021 and identifies Belectric Israel Ltd. among the divested entities.^{11, 42}

No public evidence identified of Belectric Israel activity in West Bank, East Jerusalem, or Golan Heights settlements, and no project coordinates, customers, workforce, revenue, tax contribution, or project portfolio were identified in the reviewed disclosures.^{10, 11, 12} RWE’s 2025 report and current locations page contain no text listing for Israel; these are document-scoped observations and do not prove the absence of all Israeli commercial contacts.^{35, 36, 37}

Before RWE obtained its E.ON stake, Globes reported in March 2016 that RWE had entered Israel about a year earlier, operated an “RWE Israel Innovation Center,” and envisaged a startup-investment programme of “tens of millions of euros.”⁴³ The source does not establish completed investments, continuation after 2016, or a settlement connection.⁴³ A 2008 report that RWE might bid for a $650 million Negev solar tender records exploratory interest only, not an award, agreement, operating asset, workforce, or investment.⁴⁴ RWE’s 23 October 2023 statement of solidarity with Israel was a public-affairs statement, not evidence of an Israeli commercial operation, government contract, or financial contribution.⁴⁵

Corporate Structure & Foundational Ties

E.ON SE was created in 2000 through the merger of German utilities VEBA and VIAG, is headquartered in Essen, Germany, and is listed in Frankfurt under ticker EOAN.⁴⁶ E.ON’s 2025 financial statements identify its address as Brüsseler Platz 1, 45131 Essen, Germany, and its Essen District Court registration as HRB 28196.² Its Management Board comprises Leonhard Birnbaum, Nadia Jakobi, Thomas König, Victoria Ossadnik, and Marc Spieker.²

No public evidence identified of Israeli state ownership, Israeli beneficial control, Israeli tax residency, Preferred Technology Enterprise status, golden shares, founder shares, or Israel-specific governance rights at E.ON.^{2, 5, 6, 20} E.ON Israel Ltd. is a subsidiary office, not a co-headquarters arrangement.^{4, 5, 6}

E.ON’s 2023 schedule establishes full group ownership of E.ON Israel Ltd. but classifies it as non-consolidated because of subordinate importance.⁶ E.ON’s innovation architecture comprises E.ON Group Innovation for incubation, FEV for startup financing, and E.ON One for scale-up, with the units described as cooperating with E.ON operating units.³ This is evidence of group-level innovation governance, not evidence of E.ON Israel Ltd.’s reporting line, budget, management appointments, delegated authority, project approvals, or day-to-day supervision.^{3, 6}

No public evidence identified of E.ON SE board instructions, management-services agreements, internal reporting lines, budgets, personnel reporting structures, delegated investment authority, local procurement authority, or other primary evidence demonstrating that E.ON SE actively managed E.ON Israel Ltd.’s daily operations.^{2, 3, 6, 20} The statutory ownership evidence and E.ON-branded innovation activity do not resolve the extent of day-to-day management.^{6, 40}

RWE AG holds 15.00% of E.ON voting rights, representing 396,197,820 voting rights, following notification in December 2020.^{2, 3} RWE’s largest disclosed shareholder is Qatar Holding at 9.3%, an indirect holding in a minority E.ON shareholder rather than Israeli ownership or control of E.ON.⁴⁷ E.ON reports that it has issued no shares carrying special control rights.²

The 9 January 2019 E.ON corporate-governance presentation described an investor agreement under which RWE would act purely as a financial investor, had a right to nominate one E.ON Supervisory Board member, could not increase its stake above 16.67%, and could not sell the stake to an E.ON competitor.⁴⁸ E.ON’s two-tier model gives its Supervisory Board the role of appointing, controlling, and advising the Management Board.⁴⁸ The accessible 2025 reporting does not confirm whether the 2019 agreement remains in force, identify a current RWE nominee, or establish Management Board representation or operational integration.²

The UK Competition and Markets Authority concluded in 2019 that the then-proposed 16.67% RWE stake may permit material influence at shareholder level, citing the stake’s relative size and RWE’s utility-sector expertise; it also recorded the parties’ position that the investment was financial and that an investor relationship agreement limited RWE’s influence.⁴⁹ The substantive agreement terms were redacted, and the decision is a pre-completion jurisdictional assessment rather than evidence of exercised operational control in 2026.⁴⁹

E.ON’s 2025 Supervisory Board had 16 members, equally divided between shareholder and employee representatives, all assessed as independent at year-end.² Dr. Rolf Martin Schmitz, a former RWE CEO, appears in E.ON’s supervisory-board information, but the disclosure does not identify him as a current RWE representative or state that RWE appoints him.² no public evidence identified in the reviewed current records of RWE control of E.ON, a current contractual right to appoint directors, a shareholder-agreement right beyond the historical 2019 disclosure, Management Board overlap, management services, a joint Israeli operating entity, or instructions by RWE directing E.ON’s Israel activities.^{2, 48, 49}

Erich Clementi became Chairman of E.ON’s Supervisory Board on 17 May 2023, succeeding Karl-Ludwig Kley, who held the chair from 2016 to 2023.^{50, 51} Kley also chaired Lufthansa’s Supervisory Board from 2016 to 2025.⁵² A secondary claim that Kley serves on the Hebrew University of Jerusalem’s Board of Governors remains unverified because it was not corroborated by the reviewed Hebrew University material or Kley biography.^{52, 16} no public evidence identified of personal or family-office Israeli investments by E.ON or RWE directors in the records reviewed; the bounded research did not complete a comprehensive principal-level investigation.^{2, 35}

Profit Repatriation & Economic Contribution

No public evidence identified of E.ON revenue specifically attributed to an Israeli market, separately disclosed Israeli tax payments, or a material Israel-to-Germany or Germany-to-Israel profit-repatriation flow.^{2, 3} The available description of E.ON Israel Ltd. remains that of a scouting and engineering unit rather than a retail-energy operation, although current entity-level financials and tax information were not located.^{4, 5, 6}

E.ON Israel Ltd.’s 2023 classification as an immaterial, non-consolidated affiliated company indicates that it was measured at cost because of subordinate importance in that schedule, but does not provide entity-level revenue, profit, payroll, tax, dividend, or remittance data.⁶ The 2025-labelled statutory-list reproduction likewise gives ownership and non-consolidation information rather than financial-flow data.³⁸ no public evidence identified of E.ON Israel Ltd. workforce, payroll, Israeli tax payments, local revenue, or a disclosed parent-company profit-repatriation mechanism.^{2, 3, 6, 39}

RWE reports €218 million of 2025 dividend income from its E.ON minority stake, paid within the RWE–E.ON shareholder relationship rather than identified as Israel-derived revenue.³⁵ The Belectric Israel disposal disclosures provide no Israel-specific revenue, tax, assets, workforce, or project value, and the €4 million deconsolidation gain is reported for the group of divested entities rather than allocated to Israel.^{11, 42} no public evidence identified of RWE Israeli sovereign-debt, war-bond, or settlement-linked financing in the reviewed materials.^{35, 36, 37}