Wednesday, August 27, 2008

IC Green Energy invests in HelioFocus

Published reports confirm that IC Green Energy, the cleantech investment subsidiary of Israel Corp., has invested in solar thermal startup HelioFocus Ltd. I first reported on the possibility that HelioFocus was an IC Green Energy portfolio company in a post several weeks ago.

According to Globes, IC Green Energy contributed $10 million out of the $20 million that HelioFocus raised in its latest financing round. Ha'aretz, however, reports that IC Green Energy purchased control of HelioFocus for $5 to $6 million.

Founded in 2007 and headquartered in Ness Ziona, Israel, HelioFocus is engaged in the development of modular, high efficiency Concentrated Solar Power (CSP) systems. These systems will convert sunlight to grid electricity using parabolic solar concentrators.

Prof. Sass Somekh, a veteran of Applied Materials and a founder of Musea Ventures, is the Executive Chairman of HelioFocus. The company's technology is reportedly based on the research of Prof. Jacob Karni of the Weizmann Institute. Dr. Ory Zik is the CEO of HelioFocus.

Related posts:

HelioFocus orders microturbines for concentrated solar power systems

IC Green Energy and Yom Tov Samia