Monday, October 13, 2008

AquAgro invests $1.5 million in Transbiodiesel

Transbiodiesel, an Israeli biodiesel startup that is developing a novel technology to produce the fuel, has raised $1.5 million from the AquAgro Fund and signed a cooperation agreement with an unnamed American biodiesel company, according to a report in Globes.

The enzymatic process Transbiodiesel uses can apparently produce biodiesel in a more environmentally friendly manner. The overall process is also supposed to be cheaper than standard methods for making biodiesel.

Transbiodiesel CEO Sobhi Basheer founded the company at the L.N. Innovative Technologies Ltd. incubator's Agudat Hagalil Ltd. R&D center in the Israeli Arab city of Shfaram in the Galilee. Bashir helped established Agudat Hagalil in 1999.

Basheer and L.N. Innovative Technologies each own 35% of Transbiodiesel, AquaAgro owns 25%, and Altshuler Shaham Ltd. and Zeev Bronfman jointly own 5%.

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