Tuesday, January 29, 2008

Advanced Desalination Technologies raises $4 million from AquAgro Fund

AquAgro Fund, a cleantech venture capital fund affiliated with Gaon Agro Industries Ltd., has made its first investment. Sources inform ''Globes'' that it is investing $4 million in Advanced Desalination Technologies Ltd.

Advanced Desalination Technologies -- now renamed Desalitech --has reportedly completed a pilot at a municipal facility. Desalination and improving wells are two fields where every saving is essential, and the company's reverse osmosis technology is designed to greatly improve the efficiency of desalination.

AquAgro managing partner Nir Belzer declined to comment on financial matters, but confirmed that an investment had been made. He added that a major international fund was considering investing in Advanced Desalination Technologies. He said that the investment in the company was in line with the fund's policy of investing in companies with proven technologies undergoing pilot programs prior to commercialization.

Advanced Desalination Technologies is a family firm founded by Prof. Avi Efrati, and his son, Nadav Efrati, who will shortly take over as CEO. The company employs subcontractors, and raised $2 million prior to AquAgro's investment. The company has no website.

AquAgro invests in late-stage cleantech ventures. Its founder and chairman, Benjamin Gaon, is the chairman of Gaon Agro and its parent company, B. Gaon Holdings Ltd.. The fund has raised $40 million, and plans to close on $100 million by the end of 2008.