Monday, May 10, 2010

Emefcy raises $5m Series A financing

Emefcy, a microbial fuel cell startup based in Caesarea, Israel, has raised $5 million at a company value of more than $10 million, post-money.

UK investment fund Pond Venture Partners led the round, joined by current Emefcy investors Israel Cleantech Ventures Funds and Plan B Ventures, according to Globes and IVC Online.

Emefcy, co-founded by serial entrepreneurs Eytan Levy and Ronen Shechter, is developing the MEGAWATTER™ technology. This technology produces low cost electricity (at $0.10/kWhr) and hydrogen in a bio-electro-chemical process from wastewater treatment by leveraging Microbial Fuel Cell (MFC) technology.

Levy and Shechter previously founded wastewater treatment company AqWise. In February 2009, this blog detailed Emefcy's efforts to raise a $3.5-$5.0 million Series A financing. That same month, Levy presented at a public event at MIT organized by the Boston Israel Cleantech Alliance. Plan B Ventures is based in Boston and its principal, Barbara Goldman, is a member of the Boston Israel Cleantech Alliance.

Levy told Globes, "The capital raised will help us set up a commercial pilot. We've already established laboratory pilots on increasingly larger scales. Progress to a commercial pilot is based on the successful results of the laboratory pilots."

Emefcy's Scientific Advisory Board includes Prof. Bruce Logan of Pennsylvania State University, Prof. Derek Lovely of the University of Massachusetts (Amherst) and Prof. Bruce Rittmann, Director of the Biodesign Institute at the University of Arizona.

Related Posts:

Emefcy signs collaboration agreements, raising Series A funds

Israel Cleantech buys 11% of AqWise

AqWise founders start new cleantech venture