Terra Venture Partners Israel's most active VC in 2009

Terra Venture Partners, a Jerusalem-based venture capital fund focused on seed and early-stage cleantech investments, was recently named Israel's most active venture capital investor for 2009.

According to the IVC Research Center, Terra Venture Partners made six first investments in 2009, followed closely by Carmel Ventures, Giza Venture Capital, Jerusalem Venture Partners, Magma Venture Partners, Pitango Venture Capital, Sequoia Capital, which each made five first investments in 2009.

Terra Venture Partners has $25 million under management and is headed up by general partners Astorre Modena and Harold Wiener. Its initial investments in 2007 were in wind energy start-up IQWind and energy efficiency start-up Phoebus Energy. Later, Terra Venture Partners invested in Biological Alarm Systems, a start-up developing airborne biological hazards.

IVC Research Center reports that in 2009 Terra Venturea Partners invested in:

• Linum Systems, a start-up founded in 2009 that is developing an advanced, energy efficient air conditioning technology. Linum Systems was founded by Yuval Berson and Amir Hirshfeld, two veterans of Israeli solar power company Di.S.P
• Lithium Force, a start-up focused on providing complete solutions for electric powered transportation fleets (buses, trucks, and taxis)
• PV Nanocell, a stealthy start-up apparently focused on the development and production of nanomaterials for the solar photovoltaic industry
  
• Silentium, which is developing innovative noise reduction products and solutions
• SmarTap, a company devloping innovative, efficient electronic water faucets
• Wi-Charge, a start-up developing technology to enable the safe, reliable and efficient wireless transmission of power. Wi-Charge was founded in 2007 by Ortal Alpert

You can follow this link to access the original report online.

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Jerusalem event highlights U.S.-Israel energy cooperation

On Sunday, November 8th, hundreds of young professionals will gather in San Francisco for the Jewish Response to the Energy Challenge conference featuring cleantech entrepreneurs, investors and policymakers.

The conference will be broadcast to several cities around the world, including Jerusalem, where organizers have arranged for their own simulcast event on the U.S.-Israel Partnership for Clean and Secure Energy Solutions.

Dr. Isaac Berzin, Director of the Institute for Renewable Energy Policy at IDC Herzliya (and Founder of Greenfuel Technologies) will give the keynote address.

Dr. Berzin will be followed by a panel discussion featuring:

• Ze'ev Gross, Head of the Infrastructure Resources Management Division, Ministry of National Infrastructures
• Hezi Kugler, Chairman, Israeli Clean Energy Alliance
• Astorre Modena, Terra Venture Partners
  
• Gal Luft, Executive Director, Institute for the Analysis of Global Security
• Richard Laster, Professor of Environmental Law, Hebrew University of Jerusalem

Congratulations to Beata Sheyer and Lisa Wolf, both new immigrants to Israel, for putting together such an interesting program.

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IQwind and Guascor announce partnership agreement to commercialize innovative wind turbine technology

IQwind, an Israel-based start-up backed by Terra Venture Partners, and Guascor, a Spanish industrial company, announced today that they will partner to commercialize and bring to market the IQGear, a variable gearbox for the wind industry. The partnership brings together IQwind`s innovative wind turbine technology and the operational and market expertise of Guascor, an international leader in the production and distribution of renewable energy power systems.


Increasing the overall potential and cost-effectiveness of wind as an alternative renewable energy source, IQwind claims that its variable gear can be both retrofitted into existing turbines and utilized as a standard component in newly-manufactured turbines. The high efficiency IQwind technology can reduce the cost of energy (COE) by up to 20% compared to the best existing wind turbines, according to the company.

Guascor will manufacture the IQGear according to design and specifications provided by IQwind. To support the IQGear production, a new manufacturing line will be established in the Guascor Power facility in the Basque Country (Spain).

According to the agreement between the companies, the initial ten gearboxes manufactured by Guascor will be used for testing, certification, and initial commercial installations retrofitting currently-operational turbines during 2010. The companies will scale up to bring additional retrofitted and new turbines to the European market in 2011 and beyond. According to the agreement, IQwind will lead the sales, marketing and design activities and shall continue to own any resulting Intellectual Property (IP).

"The partnership with IQwind reinforces Guascor´s vision and its commitment to renewable energy," said Mr. Cesar Fernandez de Velasco, CEO of Guascor. "The IQwind variable gear is an important development in wind-powered energy generation. It addresses the long standing challenge of efficiently turning a variable wind source into stable electrical current, and can make an immediate impact on the economics of wind projects. Guascor is delighted to lend its
manufacturing muscle and the operational experience of its executives to advance the establishment of IQGear as the leading gear design in the wind energy market. We look forward to rolling this exciting technology out to the market as early as 2010."

"Guascor brings manufacturing and wind expertise, more than 50 years of leadership in the power system industry, and a unique renewable energy strategy. These attributes make the company an ideal partner for IQwind in bringing this unique technology for improving power generation efficiency to the wind energy market," said IQwind founder and CEO Gideon Ziegelman.

"Partnering with a prominent player such as Guascor is a resounding validation of the value our variable gear technology brings to the wind energy market," added Ziegelman. "The cooperation with Guascor and the significant investment they have committed to in this agreement will greatly accelerate the introduction of IQGear into the wind energy market. This collaboration is a major step towards the transformation of this new technology into a revenue
generating product."

Guascor is currently planning to build a large wind farm in Argentina. The $2.4 billion, 600-900MW project will be located in Pico Truncado and is expected to take three years to complete.

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Phoebus Energy unveils hybrid water heating system in Jerusalem

Phoebus Energy unveiled its hybrid water heating system last week at the community center in Gilo, a neighborhood of Jerusalem, according to an article in The Jerusalem Post.

Phoebus Energy, founded in 2007 with $2 million in seed funding from Terra Venture Partners, has developed a hybrid heat pump system that integrates with existing oil-based systems to make them more efficient. Newly appointed CEO Yaron Tal told The Jerusalem Post says that Phoebus Energy's system saves between 50 and 70 percent of oil and reduces pollution by 80 to 90% compared to a traditional heat pump system.

"The Phoebus system is based on a complex algorithm that we developed which governs when to use the oil-based system and when to use the heat pump. It constantly monitors many parameters to decide which way is most efficient to generate heat," Tal said.

"The system measures such parameters as the temperature outside, the temperature of the water, and the price of the oil. Several of the parameters change a number of times throughout the day," he continued.

Phoebus Energy has already installed its system in eight locations in Israel, from kibbutzim to community centers to hotels, according to The Jerusalem Post. Phoebus Energy's solution targets medium and large water heating systems, such as those found in hospitals, hotels, factories and large apartment buildings. The company is also already in negotiations with potential clients abroad, Tal told the Post.

Heat pumps had been around for a long time as a means to heat water, Tal said. Phoebus Energy heat pumps take an ecologically safe version of freon to transfer energy to water. The freon flows at high pressure at a temperature of 5º Celsius. Air is then pushed into the freon, which heats the freon. At 12º, the freon turns from a liquid into a gas. The gas is then mixed with the water, which heats the water, Tal said. The company managed to get the pumps to heat water to 55-60º Celsius, as opposed to other models that only reached 30-40º, he said.

The use of heat pumps cut oil use tremendously, thus reducing costs and pollution, he said.

Shalom Turgeman, who runs the Gilo community center, said in a statement, "The expected savings run into the hundreds of thousands of shekels, but the real point is that we are taking a step for a greener Earth and fighting the air pollution in the Gilo neighborhood."

Until now, the community center, one of the largest in the country, burned more than 100,000 liters of oil per year to heat the swimming pool, water for the showers and bathrooms, and the gym.

Yaron Tal, previously the President & CEO of TopSpin Medical, was appointed CEO of Phoebus Energy earlier this month. Yoav Ben Yaacov, the Founder and former CEO of Phoebus Energy, is now the company's VP Marketing & Sales.

It was reported last month that Phoebus Energy recently completed a financing round of $1 million from Galilaea Fund.

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IQWind raises $500k from U.S. investors

IQwind, an Israel-based start-up developing variable gear technology that improves the energy generation efficiency of wind turbines, has raised $500,000 from ISRAEL G-TEK LLC, according to an announcement by the U.S.-based investors.

IQwind received a first round of investment from Terra Venture Partners in 2007.

Sami Shiro and Uri Benhamron, principals at Israel G-Tek, explain that the investment in IQWind is part of their "plan to create a balanced portfolio of greentech companies with a special focus on Israel as a breeding ground for technology."

IQWind’s product has the ability to function as a replacement part for existing turbines, as well as a main component for new turbines. The technology is so disruptive, according to ISRAEL G-TEK, that further applications are also being considered in other markets such as automotive and mining.

Israel G-Tek's investment in IQWind is part of a financing round to implement a full scale pilot for the Israeli company.

Gideon Ziegelman is the co-founder and CEO of IQWind, and Nimrod Eitan is the company's co-founder and CTO.

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Phoebus Energy raises $1m to develop innovative heating system

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.

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IQwind a Red Herring Top 100 Global Company

IQwind, an Israel-based developer of variable gear technology that improves the energy generation efficiency of wind turbines, announced that it has been recognized by Red Herring as one of the Top 100 Global Companies.

IQwind co-founder and CEO Gideon Ziegelman said, "We are thrilled to have been selected to the distinguished Red Herring Top 100 Global list. We are introducing a disruptive gear technology into the wind energy market in order to improve the efficiency of both old and new wind turbines. We will begin retrofitting existing turbines by next year and look forward to becoming a key contributor to the enablement of more efficient production of renewable wind energy."

IQwind received a first round of investment from Terra Venture Partners in 2007.

"We were so pleased to announce IQwind as a Red Herring Top 100 Global Company," commented Red Herring publisher Alex Vieux. "IQwind has proven to be a company excelling in their industry and its ripples have turned into waves. It was difficult for us to narrow down, but we are pleased to have included IQwind in our list of promising companies. We look forward to the changes it will make to its industry in the future."

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Israel Venture Capital Jounal: "Can cleantech sail through the slump?"

The current issue of the Israel Venture Capital Journal, published by the IVC Research Center, is now available online.

Entitled "High C: Can cleantech sail through the slump?" (pdf), the issue contains a list of Israeli cleantech companies and articles by cleantech investors and entrepreneurs, government officials, and service providers:

• Sustainable development is essential for our future, by Minister of National Infrastructures, Benjamin (Fuad) Ben-Eliezer
• Belt tightening impacts cleantech trends, by Richard Youngman, Managing Director (Europe) of Cleantech Group
• The landscape has changed, but the opportunity persists, by Zeev Holtzman, Chairman of IVC and Giza Venture Capital
  
• Adjusting to cleantech investment, by Eytan Levy, CEO of Emefcy, and Gene Dolgin, analyst at Israel Cleantech Ventures
• The next cleantech frontier: Africa, by Daniel Schwab, Managing Director of Kayema Investments, and Miriam Schwab, CEO of Illuminea Marketing & Media
• Solar thermal energy: Israel and the Obama opportunity, by David Anthony, Managing Partner at 21Ventures
• Cleantech, Clusters, and Convergence: How investors and entrepreneurs combine to save the planet, Prof. Philip Cooke of Cardiff University
• US Government Grants: An alternative source of funds for Israeli cleantech startups, by Itai Nevo and Jonathan Shapira of Goodwin Procter LLP
  
• Cleantech calls for a different VC approach, by Rafi Gidron, Orni Petruschka, Nimrod Good and Albert Olier of Precede Technologies
• Light and harmony come mainstream, a profile of Arnold Goldman, Chairman of BrightSource Energy
• Everything you (n)ever wanted to know about cow manure, by Shlomi Ben-Arush, Marketing Manager at Global Environmental Solutions
• Early stage investing in a challenging environment, by Astorre Modena, General Partner of Terra Venture Partners
• The next opportunity in cleantech: A holistic approach to the water and energy nexus, by Booky Oren, Chairman of Miya
  
• In a downturn, aggressive communication and PR are key, by Steve Schuster, CEO of Rainier Communications
  
• Yes, Israel can take advantage of opportunities in cleantech! by Sarit Soccary Ben Yochanan, CEO of ATI Incubator
  
• Cleantech IP trends: intellectual property management from a business perspective, by Sharon Dayan, VP of Business Development at GTT Global Technology Transfer
  

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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IQwind named a Top 100 Tech Startup by Red Herring

IQwind Ltd., which is developing an innovative gearbox to improve the efficiency of wind turbines, was named by Red Herring as a Top 100 Tech Startup in Europe for 2008. It is one of 14 Israeli companies to make the list.

IQwind was established in 2007 and received early-stage funding from Terra Venture Partners. The company was founded by Gideon Ziegelman, formerly an entrepreneur in residence at Precede Technologies, and Nimrod Eitan, an experienced mechanical engineer who now serves as the company's CTO.

Cleantech Israel group featured in Globes

The Cleantech Israel meetup group was recently featured in "Globes", and I am re-posting the article below. Highlights and a photo from the group's first event are also available on this blog.

Cleantech Israel enables people (including entrepreneurs, investors, academic researchers and government officials) to meet and exchange ideas about the renewable energy, water, and environmental sectors.

The group's next event, on April 29, will include a presentation by Alon Tamari, Co-CEO of SolarPower Ltd., followed by time for networking. You can join the group and RSVP for the next event at our web page.

"Globes": Cleantech industry networks in Israel

About 50 representatives from various parts of Israel's cleantech industry recently met in Herzliya Pituach to launch a networking initiative. They included venture capitalists, entrepreneurs, Ronit Golovaty from the Israel Export and International Cooperation Institute and even Jaclyn Marcus from the California Public Utilities Commission. The meet-up was organized by Jonathan Shapira, from Boston, and Gene Dolgin from Tel Aviv. The Cleantech Israel group currently has 134 members.

Jonathan Shapira is a law student from Boston who is currently serving an internship with Israel Cleantech Ventures, where Gene Dolgin is an analyst. The US law firm of Goodwin Procter LLP, which has an extensive Clean Technology Practice, sponsored the meet-up. Shapira says that he will soon be working for the firm.

Shapira and Dolgin, aware that there are similar cleantech networking groups in places like Boston and Silicon Valley, decided to organize the group to enable key players in the industry in Israel - entrepreneurs, investors, academics, and government officials - to meet and exchange ideas. Shapira notes that while Israel has many strengths when it comes to cleantech, the lack of government support, especially when compared to what is happening in other countries, may hold the industry back. He hopes that members of the Cleantech Israel group, together with other organizations such as Waterfronts - Israel Water Alliance, and the newly created Israel Energy Forum, might be able to persuade the government to implement better policies related to renewable energy, clean water, and the environment.

Shapira told "Globes", "Gene and I decided to organize the network together, and we received a strong response, especially from entrepreneurs and investors. Other parties quickly joined, including academics and a few government officials.

The participants at the Cleantech Israel meet-up included former Gemini Israel Funds partner Tali Aben; Genesis Partners principle Gil Dibner; Terra Venture Partners LP general partner Dr. Harold Weiner; and Israel Cleantech managing partner Jack Levy. Levy noted, "Although Israel entered cleantech late, great things have emerged here within only three years, on both the entrepreneurs and the funds side."

Participating entrepreneurs included low-cost regenerative fuel-cell developer Enstorage Ltd. CEO Eran Yarkoni, wastewater treatment solutions developer AqWise Ltd. VP business development Udi Leshem; Emefcy Bioenergy Systems CEO Eytan Levy, who previously co-founded AqWise; Phoebus Energy Ltd. CEO Yoav Ben-Yaacov; Ashkelon Technological Industries (ATI) cleantech director Rafi Nevo; and Noam Ilan, who is the project manager of the alternative energy park under construction at the Eilot Regional Council in the southern Negev.

New Israeli cleantech fund aims to raise $100m

Sources inform ''Globes'' that former Formula Ventures partner Shai Beilis and former Star Ventures partner Yaffa Krindel are setting up a new $100 million cleantech fund called Tamarix Ventures LP. If successful in raising funds, Tamarix Ventures will become Israel's largest cleantech venture capital fund, joining the recently established Israel Cleantech Ventures and Terra Venture Partners.

In an interview with "Globes", Beilis voiced optimism about the fund, and said the challenges in cleantech were many. "There's now more air pollution, natural resources are dwindling, and technological products can provide solutions that will reduce the risks, while generating profits. Cleantech is enjoying broad support, regulation is conducive to its growth, public opinion is favorable, and large corporations are willing to invest in it."

Globes: How big is this field?

Beilis: "It's big, and it's also seeing tremendous growth. For example, it is estimated that the water market will reach $500 billion in 2010, and $1 trillion by 2020. The energy market is expected to reach $430 billion in 2010, and $1.9 trillion in 2020.

Who invests in this field?

"Venture capital and private equity investment grew from $1.1 billion in 2002 to $18 billion in 2006. In 2006, venture capital investment in cleantech totaled $1.6 billion, 43% of total venture capital investment. Research companies predict that cleantech will need $3.4 billion in investment in 2009."

Terra VP raises $15 million, makes first investments

Terra Venture Partners, a venture capital fund focused on seed and early-stage cleantech companies in Israel, has reportedly raised $15 million and made its first two investments.

The fund completed a seed-stage investment in IQWind Ltd., a company that is developing an innovative gearbox that will improve the efficiency of wind turbines. Terra has also invested in Phoebus Energy Ltd., which is developing a system to decrease water heating expenses for large facilities, such as hospitals, hotels, pools, etc. Both IQWind and Phoebus were founded in August, 2007.

Terra Venture Partners was founded in May 2006 by Harold Wiener, an immigrant from Uruguay, and Astorre Modena, an immigrant from Italy. They hope to ultimately raise $50 million and invest in up to 20 companies.