EXHIBIT 8.1



List of Subsidiaries



|Name of Subsidiary                                                       |  | Jurisdiction             |  | Ownership Interest
|------------------------------------------------------------------------ |  | ------------------------ |  | ------------------
|                                                                         |  |                          |  |                   
|SodaStream Enterprises N.V.                                              |  | Netherlands Antilles     |  | 100%              
|SodaStream International B.V.                                            |  | The Netherlands          |  | 100%              
|Soda-Club Worldwide B.V.                                                 |  | The Netherlands          |  | 100%              
|SodaStream GmbH                                                          |  | Germany                  |  | 100%              
|SodaStream Industries Ltd.                                               |  | Israel                   |  | 100%              
|SodaStream Israel Ltd.                                                   |  | Israel                   |  | 100%              
|SodaStream (Switzerland) AG                                              |  | Switzerland              |  | 100%              
|SodaStream Österreich GmbH                                               |  | Austria                  |  | 100%              
|SodaStream Australia PTY Ltd.                                            |  | Australia                |  | 100%              
|SodaStream (New Zealand) Ltd.                                            |  | New Zealand              |  | 100%              
|SodaStream (SA) (Pty) Ltd.                                               |  | South Africa             |  | 100%              
|SodaStream USA, Inc.                                                     |  | Delaware (United States) |  | 100%              
|Soda-Club CO 2 Ltd.                                                      |  | British Virgin Islands   |  | 100%              
|Soda-Club (Europe) Limited                                               |  | United Kingdom           |  | 100%              
|Soda-Club Switzerland GmbH                                               |  | Switzerland              |  | 100%              
|Soda-Club (CO 2 ) SA/AG/Ltd.                                             |  | Switzerland              |  | 100%              
|SodaStream (CO 2 ) SA/AG/Ltd.                                            |  | Switzerland              |  | 100%              
|Soda-Club (CO 2 ) Atlantic GmbH (LLC)                                    |  | Switzerland              |  | 100%              
|Soda-Club Worldwide BV Sp. Z.O.O Oddziel w polsce Branch                 |  | Poland                   |  | 100%              
|SodaStream Worldwide Trading Company Branch                              |  | United Kingdom           |  | 100%              
|Soda-Club Worldwide BV Holland Filial (Sweden) Branch                    |  | Sweden                   |  | 100%              
|Soda-Club Worldwide BV (France) Branch                                   |  | France                   |  | 100%              
|Soda-Club Worldwide BV (Greece) Branch                                   |  | Greece                   |  | 100%              
|SodaStream Direct LLC                                                    |  | Delaware (United States) |  | 100%              
|Cem Industries S.r.l.                                                    |  | Italy                    |  | 100%              
|SodaStream Nordics AB                                                    |  | Sweden                   |  | 100%              
|SodaStream International BV Norwegian Branch                             |  | Norway                   |  | 100%              
|SodaStream Denmark Branch Filial of SodaStream International BV, Holland |  | Denmark                  |  | 100%              
|SodaStream International BV Branch in Finland                            |  | Finland                  |  | 100%