Pythagoras Solar announces pilot installation at Willis Tower

Pythagoras Solar, an Israel-based, venture-backed company developing transparent, energy efficient windows that also generate solar power, announced that it has been chosen by Willis Tower, formerly Sears Tower, the tallest building the Western Hemisphere, to collaborate on a pilot project to help deliver on the building's renewable energy and energy efficiency improvement goals.

The pilot project, deployed in November 2010 on the south facing windows of the Willis Tower's 56th floor, uses Pythagoras Solar's building integrated photovoltaic (BIPV) solution that has the potential to expand to a surface area allowing over two megawatts of solar power generation.

"We are excited to launch this pilot with Pythagoras Solar's leading-edge solar window solutions as a test for not only the energy savings that can be achieved, but the potential they represent to actually generate power through the sun," said John Huston, Executive Vice President of American Landmark Properties, one of the ownership partners of Willis Tower.

"We are incredibly proud to be considered to contribute our part for the 'greening' of the tallest building in the Western Hemisphere, the iconic Willis Tower," said Gonen Fink, Co-founder and CEO Pythagoras Solar. "It is inspiring to see a team not waver in its dedication to making a true and lasting change through smart investments in the right solutions. With its combined benefits, our technology is set to provide Willis Tower with a valuable tool that will help move it toward its energy efficiency goals."

According to Pythagoras Solar, it is the first company to offer a fully integrated photovoltaic glass unit (PVGU) that addresses the need for simultaneous benefits of energy efficiency and high power density, while also offering architectural design benefits to increase real estate value and advance Net Zero Energy Buildings (NZB).

Pythagoras Solar is a privately held company with operations in the United States, Israel and China. Pythagoras Solar was the first company to be incubated by Precede Technologies, and the Pythagoras Solar raised a $10 million Series A financing in 2008 led by Israel Cleantech Ventures and joined by Pitango Venture Capital and Evergreen Venture Partners.

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BPT Closes $12 Million in Series B Financing Led by Pitango Venture Capital and U.S. Venture Partners

Bio Pure Technology Ltd. ("BPT"), a Rehovot, Israel-based company developing chemically-stable membrane-based separation solutions for critical industrial processes, recently announced that it has completed its Series B financing, raising $12 million.

U.S. Venture Partners (USVP) and Pitango Venture Capital led the round with participation from existing investors Aurum Ventures and Elron Electronic Industries. Funds will be used for expanding manufacturing facilities, for continuing R&D and to further develop sales and marketing infrastructure to meet increased worldwide demand.

In conjunction with this round Christopher J. Rust, a partner at USVP, Jacques Benkoski, a venture partner at USVP, and Ittai Harel, a Partner at Pitango, will join the BPT board of directors.

BPT is focused on developing and commercializing advanced membranes-based separation solutions to address the needs of the water and wastewater treatment industries. BPT’s unique chemically-stable membrane technology and associated systems enable customers in the landfill, mining, chemical, biopharma and food industries to filter their aggressive waste water to be economically viable, re-use water and comply with environmental regulations. According to BPT, the Company provides solutions where other membrane-based technologies cannot withstand the aggressive waste characteristics and alternative technologies such as evaporators and incinerators are often not economically viable.

“USVP and Pitango have deep experience in building great companies; we are proud to have them as lead investors, and to have their partners join our board,” said BPT’s CEO, Nir Kinory. “Together with our existing great investors, Aurum and Elron and our dedicated team, we are on a fast track to capture the market of next generation industrial waste water streams treatment brought about by water scarcity and increased environmental pressures.”

Ittai Harel, partner at Pitango Venture Capital, added: “Cleantech is an area of growing concern to the world market. BPT’s technology and tremendously experienced R&D group are well positioned to play a significant role in the application of nanotechnology to water technology.”

“USVP has been investing in cleantech for over six years and this is our first cleantech investment in Israel. Water treatment and recycling are critical elements of adapting to climate change,” said Jacques Benkoski, Venture Partner, who led USVP’s efforts in the BPT investment, “BPT clearly stood out as a unique player with differentiated and leading technology to solve critical waste water recycling issues for key industrial processes."

BPT was founded in 2000 and is located at the Weizmann Science Park in Rehovot, Israel. BPT previously raised $2.5 million from Aurum Ventures and Elron in 2007.

Israeli cleantech venture funds profiled in International Herald Tribune

A recent International Herald Tribune article reports on Israel's cleantech industry, focusing on the role played by specialized cleantech venture capital funds

Jack Levy, general partner at Israel Cleantech Ventures, which raised $75 million last year for its first fund, cites Israel's pool of Russian immigrants -- including many mechanical, chemical and metals engineers -- as a unique advantage for Israel.

Astorre Modena, an Italian-born physicist and co-founder of Terra Venture Partners, says native Israelis contribute the entrepreneurial spirit that complements the Russian technological expertise. Modena reports that Terra raised $25 million last year in a first round of financing.

Also cited in the article are Precede Technologies, which is backed by Pitango Venture Capital and Evergreen Venture Partners; Gemini Israel Funds; and the Israel Opportunity Fund, a new fund managed by Dan Gillerman and Matthew Bronfman.

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Pitango VC invests in solar power project in China

Pitango Venture Capital, Israel's largest VC firm, has reportedly invested in a solar power project in China's Jiangxi Province.

According to a report published in SinoCast, Pitango is investing in the project in partnership with Shenzen Capital Group Co. (SCGC), and China-Israel Value Capital (CIVC), a China-focused private equity fund. Established in 1999, SCGC was one of the first venture capital firms in China and currently manages over $300 million.


Chemi Peres, Managing General Partner and Co-Founder of Pitango, and the son of Israeli President Shimon Peres, is visiting Shenzhen City, and discussing further cooperation with SCGC. A long-term strategic partnership between Pitango and SCGC is reportedly being discussed.

It is perhaps worth noting that Peres sits on the board of directors of Pythagoras Solar, a stealthy Israeli solar startup that raised $10 million in a Series A round of financing earlier this year.

Peres told SinoCast that he has found cooperative opportunities in almost every field of Shenzhen's industries, including IT, medicine, energy and education. He believes Pitango will bring more listing and overseas acquisition possibilities to Chinese companies.

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Pythagoras Solar raises $10 million from Israel Cleantech, Pitango, and Evergreen

Pythagoras Solar raises $10m from Israel Cleantech, Pitango, and Evergreen

Pythagoras Solar, a solar energy company developing innovative photovoltaic technology, announced today the successful completion of a $10 million Series A financing round, led by Israel Cleantech Ventures and joined by Pitango Venture Capital and Evergreen Venture Partners. Pythagoras Solar, the first company that was conceived and incubated within Precede Technologies, will use the funds for Israel-based R&D and global commercialization of its technology and products that have "the potential to change the economics of solar power."

"Solar energy is the ultimate answer to the global quest for renewable energy," said Gonen Fink, CEO and co-founder of Pythagoras Solar. "We are very pleased to be supported by the leading venture capital funds in Israel and with the strong traction our technology has received from the industry. We look forward to building a world-class team of scientists and engineers who are prepared to tackle the multidisciplinary challenges that the photovoltaic industry is facing as it grows into a substantial factor in the world energy market."

Fink elaborated, "Those challenges combine software models, optic and system design, semiconductor processes, materials science, and mass manufacturing techniques to build cost-effective, highly durable solar energy products."

Pythagoras Solar was founded in 2006 by Fink, previously at Check Point Software, Dr. Itay Baruchi, a winner of the the Scientific American magazine's "50 most significant scientific breakthroughs" award, and Precede Technologies. The company, which expects to disclose more details about its technologies and products by early 2009, has an R&D center in Hakfar Hayarok, Israel and a U.S. office in San Mateo, California.

Following the round, Pythagoras Solar's board will include Meir Ukeles of Israel Cleantech Ventures; Boaz Dinte, Managing Partner of Evergreen Venture Partners; Chemi Peres, Managing General Partner of Pitango Venture Capital; and Orni Petruschka, a partner at Precede Technologies.

This investment in Pythagoras Solar follows other recent venture capital investments in Israeli solar technology companies, including a $9m investment in Xjet Solar, and an $11.8m investment in SolarEdge Technologies.