Phoebus Energy, which is developing a hybrid heating unit to more efficiently produce energy for institutions such as hotels, hospitals, and factories, has raised $1 million from the Galilaea Fund, a private investment fund, according a report in Globes.
Phoebus Energy was founded in 2007 and received a first round of $2.1 million in venture funding from Terra Venture Partners. The company and its CEO, Yoav Ben-Yaacov, were featured in Israel21c last year.
Galilaea is a strategic consultancy firm with representatives in Europe and Israel, and is managed by Lior Shilat, who served in the Prime Minister's Office as a director of the division for coordination, follow-up and control during Ariel Sharon's government.
Globes reports that in recent months Phoebus Energy has installed systems at eight sites in Israel and is negotiating with several hotel chains and hospitals in Israel and abroad for the installation of its systems.
Metrolight Ltd., a leading provider of electronic ballast solutions for energy efficient lighting, announced today that it has raised $3 million and appointed Zvi Segal as a Chief Executive Officer.
Zvi Segal, a veteran of Orbotech Group, Applied Materials and Teledata Communication, will lead Metrolight's growth phase driven by what Metrolight says is strong demand for its energy saving products and services from commercial, industrial and municipal customers across Europe and the US. Metrolight's High Intensity Discharge (HID) eBallast reduces up to 60% of energy consumed and doubles the life of a lamp.
Metrolight was founded in 1996 and is based in Netanya, Israel. Metrolight's U.S. headquarters are in Franklin, Tennessee.
According to Metrolight's Chairman Yoav Leeran, "The appointment of Zvi Segal is the next logical step in building a worldwide leader in energy efficient lighting. We expect Zvi will continue building a strong business with the best portfolio of high power commercial, industrial and municipal lighting solutions. The new money raised underlines the strong belief of the founders and the investors in the product, unique technology, market potential and the management team of Metrolight."
Zvi Segal adds, "I'm looking forward to working with Metrolight's highly skilled and knowledgeable team. The commercial and industrial lighting market is set for significant growth given the energy savings offered by high power electronic ballasts. Metrolight, based on its patented technology, is well positioned to be the leader of the movement to modern energy efficient lighting systems."
"High power lighting is probably one of the very few utilities that has not yet benefited from a transition to electronic technology. Zvi Segal will lead the company to build on its success in the market in offering products and associated services that substantially reduce energy consumption for the heavy lighting users," states Shai Weiss, Partner at Virgin Green Fund.
HCL CleanTech has developed a proprietary technology to make an old, industrially proven German process converting lignocellulosic biomass to fermentable sugars economically attractive. According to the company, it is these fermentable sugars which are considered the gateway to advanced biofuels (biobutanols, biodiesel, jet fuel etc) and biochemicals (bioplastics etc).
"Accessing cheap sugar locked in biomass is one of the greatest challenges now faced by those pursuing renewable fuels and chemicals. HCL CleanTech's technology represents a step change in accessing these sugars, and drops into the pretreatment step of any fermentation-based process or chemical reforming technique which starts with oligosaccharides," said Burrill & Company Director, Greg Young. "We are eager to see this proven at scale, at which point it becomes immediately relevant to adjacent industries aiming to use biomass as a feedstock."
HCL CleanTech was founded in 2007 by Prof. Avram Baniel, Prof. Ari Eyal and Eran Baniel.
The Series A funds will be used for R&D in Israel and for construction of a pilot plant in the United States schedule to be completed in 2010.
GreenRoad, which is developing technologies to encourage safe and fuel-efficient driving behavior, announced today that it has raised $15 million in growth funding.
GreenRoad also announced that Nick Pianim, managing director at DAG Ventures, was appointed to the company’s board of directors.
“We are very proud to have earned the confidence of DAG Ventures, as well as our existing institutional investors,” said Dan Steere, CEO of GreenRoad. “This investment of capital will enable GreenRoad to accelerate its expansion with fleet customers and partners.”
“We were encouraged by the company’s successive quarters of revenue growth, despite the current economic climate,” said Pianim. “GreenRoad’s ability to cut crash costs up to 50 percent and generate fuel savings of up to 10 percent has broad appeal to insurers and enterprise fleets across several industries. The GreenRoad Service presents a scalable approach to improving safety and fuel economy that resonates with commercial fleets looking to mitigate risk, offset volatile insurance and fuel costs and impact their bottom line immediately.”
“GreenRoad has a track record of delivering results and we are excited to continue investing in a company that is successfully responding to the global challenge of unsafe and inefficient driving,” said Elie Wurtman, general partner at Benchmark Capital and Chairman of GreenRoad’s Board of Directors.
GreenRoad is headquartered in Redwood Shores, California, with sales offices throughout the U.S. and UK and an R&D Center in Or Yehuda, Israel. The company was founded in 2003 by Hod Fleishman and Ofer Raz.
SolarEdge is joining forces with BP Solar to test new products designed to help solar modules operate more efficiently in harvesting the sun's rays, the companies said today in a press release.
BP Solar, a unit of oil giant BP Plc, will integrate into its solar modules SolarEdge's electronics that are designed to reduce the losses in solar arrays. Those losses can cut their power output by as much as 20 percent.
In support of this activity, BP Solar and SolarEdge have been awarded a research grant by the Israeli and US governments as part of the BIRD Foundation (Bi-national Industrial Research and Development), which contributes to joint development.
Solar panels typically turn between 10 to 15 percent of the sun's light into electricity, but that output can be reduced by partial shading of the arrays and other glitches in the electronic equipment that transports power between the panels.
SolarEdge, based in Herzliya, Israel, produces equipment that can help eliminate inefficiencies in the solar module arrays.
The company's products also make the solar systems safer, according to Chief Executive Officer Guy Sella, and can be used to provide data to customers on cells or modules that are damaged and not producing power at their capacity.
SolarEdge currently has three products, including a chipset called the PowerBox that manufacturers can embed into their solar modules to boost power output, but can also be added on as a retrofit. There’s also an inverter and web-based monitoring software for identifying maintenance needs and energy loss, and preventing theft.
In an interview with Earth2Tech, Sella said SolarEdge is on track to reach “general availability” between late July and September of this year. The company is in the final stages of negotiations with two manufacturers and expects to complete those by the end of June. By July, SolarEdge plans to establish a subsidiary in Germany, and by September or October Sella expects to have a presence in the U.S., on the West Coast.
According to a report in Reuters, SolarEdge expects to have orders for equipment that generate more than 12 megawatts of electricity by the end of 2009, and as much as 80 MW in 2010. The company expects to be cash-flow positive in the fourth quarter of 2010, and could launch an initial public offering of shares in the second half of 2011, Sella said.
Sella told Earth2Tech that for the last three to four months SolarEdge has been in talks with an investor who may add $3 million to $5 million to the Series B round. He said they would be a “very big strategic partner” if the deal comes through.
SolarEdge has raised nearly $35 million in venture capital funding since its inception in 2006.
Earlier this week, SolarEdge announced the appointment of Zvi Lando as its VP of Global Sales. Lando joins SolarEdge from Applied Materials where he served as vice president, general manager of the Baccini Cell Systems (BCS) Solar Business Group, the global leader in screen printing equipment for the solar industry.
Tigo Energy, a solar start-up whose unique technology significantly increases efficiency in photovoltaic solar installations, announced today that it has closed its Series B round of funding.
The $10 million round was led by Israel Cleantech Ventures and joined by all existing investors (Matrix Partners, OVP and Clal Energy). The series B financing represented a significant premium to Tigo Energy's $6 million Series A venture round in May of 2008.
According to Tigo Energy President Ron Hadar, "Particularly given the state of the current financial and venture markets, Tigo Energy's rapid close of this round shows great confidence by the venture community in our product, progress and people."
Sam Arditi, the CEO of Tigo Energy, who will be on hand at InterSolar in Munich to showcase the Tigo Energy(TM) Maximizer System, is also pleased to announce that "the company's pipeline is full and quickly ramping revenue."
Founded in 2007, Tigo Energy has successfully deployed 18 installations in the United States, Europe and Japan. The company claims to now be rapidly moving to volume production.
Based in Los Gatos, California, in October 2008 Tigo Energy announced the opening of an office in Kfar Saba, Israel, that will focus on the company's engineering activities. Mordechay (Modi) Avrutsky heads Tigo Energy's Israel operation and serves as Vice President of Engineering.
More information about Tigo Energy's technology and business plan is available online in this presentation by the company. Gunther Porfolio discusses the company's technology in this recent post.
The project will cost an estimated $800 million, according a report in Reuters. Ormat and Japan's Itochu Corp. were originally awarded the contract in 2006 and are working in collaboration with Indonesdian energy firm PT Medco.
On Wednesday, Indonesia's energy ministry urged PT Medco to speed up construction. "We want this project to be built quickly because it is very important for Indonesia," J. Purwono, director general of electricity at the ministry, told reporters, adding, "we badly need more power plants."
Indonesia, the world's most populous Muslim country, does not maintain diplomatic relations with Israel. The only OPEC member in Southeast Asia., Indonesia has become a net importer of oil in recent years.
The vast archipelago, with hundreds of active and extinct volcanoes, has the potential to produce an estimated 27,000 MW of electricity from geothermal sources.
Ormat Technologies is the NYSE-listed, U.S.-based subsidiary or Ormat Industries. Ormat Industries, located in Yavne, Israel, is one of the world's leading vertically integrated companies dedicated to providing solutions for geothermal power, recovered energy generation (REG) and remote power.
I am an associate in the Business Law Department of Goodwin Procter LLP, a leading U.S. law firm. The views expressed on this website are my own, and not necessarily the views of Goodwin Procter. You can contact me at jonathan@boston-israel.org
