Wednesday, July 15, 2009

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.

Related Posts:

IQWind a Red Herring Top 100 Global Company

IQwind named a Top 100 European Tech Startup by Red Herring

Terra VP raises $15 million, makes first investments