BrightSource Energy Raises Additional $90 Million

BrightSource Energy, Inc., developer of utility-scale solar thermal power plants, has raised an additional $90 million in its most recent equity financing, according to a U.S. securities law filing.

Keely Wachs, a spokesperson for BrightSource Energy, reports that the Company has now raised $420 million in equity financing to date.

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BrightSource Energy raises $150 Million Series D financing

BrightSource Energy, Inc., developer of utility-scale solar thermal power plants, has raised an additional $150 million in its most recent equity financing. The Series D round brings BrightSource’s total equity financing to more than $300 million and positions the company for significant growth.

New investors including Alstom and the California State Teachers Retirement System (CalSTRS) joined existing investors in this round, led by VantagePoint Venture Partners, Morgan Stanley and Draper Fisher Jurvetson.

The additional financing will be used to support BrightSource's 2,610 megawatts in contracts with Pacific Gas and Electric Company (PG&E) and Southern California Edison to build 14 solar power plants in the US southwest by 2016. The funds will also be used by BrightSource to further its international expansion plans.

“A Series D capital raise of this magnitude reflects the market’s confidence in our world-class team and the important role of our Luz Power Tower technology in meeting the growing global demand for cost-effective and reliable solar power,” said John Woolard, Chief Executive Officer of BrightSource. “By adding new strategic investors to our current blue chip investor base, we strengthen our ability to make solar thermal energy a significant part of the world’s energy mix.”



As part of the financing, global power-generation leader Alstom has committed to invest up to $55 million. This investment in BrightSource represents Alstom’s entry into the solar market and underscores BrightSource’s leading position in this industry.

Philippe Joubert, Alstom Power President, said, “BrightSource Energy’s market-leading solar-tower thermal-power technology complements Alstom’s strong portfolio of renewable energy solutions, building on our strength in hydro, geothermal, wind, tidal power, biomass and waste-to-energy solutions. Following this investment, both companies intend to enter into an industrial relationship, which will enhance BrightSource’s leading position in this industry.”

In February 2010, BrightSource received a conditional commitment from the U.S. Department of Energy for $1.37 billion in loan guarantees to support the financing of BrightSource’s Ivanpah Solar Electric Generating System project – the first of its US-based power projects. Once constructed, Ivanpah will be the world’s largest solar energy project, nearly doubling the amount of solar thermal electricity produced in the US today. The project will also create more than 1,000 local jobs at the peak of construction and generate $250 million in construction wages. The power plant will be constructed by Bechtel, the engineering, procurement and construction (EPC) contractor for the Ivanpah project. BrightSource expects to commence construction later this year.

“The BrightSource team continues to execute at the highest levels and set the bar for the utility-scale solar industry,” said Alan Salzman, Chief Executive Officer and Managing Partner of VantagePoint Venture Partners. “With BrightSource’s proven ability to hit commercial and technological milestones, we see no limit to the company’s potential in transforming global power markets.”

BrightSource is the parent of Jerusalem, Israel-based BrightSource Industries Israel (BSII), formerly called Luz II. BSII performs R&D, production and project engineering for its California-based parent company.

In June 2008, BrightSource launched the Negev Solar Energy Development Center, a demonstration plant producing the world’s highest temperature steam from solar, at the Rotem Industrial Park near Dimona, Israel.

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Conference to highlight Jewish community's response to energy challenges

Young professionals will gather in San Francisco next month for a conference featuring cleantech entrepreneurs, investors and policymakers.

The goal of the Jewish Response to the Energy Challenge conference, scheduled for November 8th, is to "share ideas and experiences that will advance a generational movement for clean and secure energy."

The conference agenda features keynote speakers and breakout sessions on U.S.-Israel energy cooperation, transportation, clean economy, policy reform, and sustainability.

Confirmed speakers include:

Alan Salzman, CEO VantagePoint Venture Partners
Adam Werbach, CEO Saatchi and Saatchi
Jason Wolf, Head of Better Place California
Yosef Abramowitz, Co-Founder Arava Power Company
David Arfin, VP Strategy Solar City
JB Straubel, CTO Tesla Motors
Joel Makower, Executive Director, GreenBiz.com
Sanjay Wagle, Special Advisor, DOE Recovery Team
Anne Korin, Chair, Set America Free Coalition

I am pleased to be moderating the panel on U.S.-Israel energy cooperation, which will feature the following panelists:

Arthur Haubenstock, General Counsel, BrightSource Energy
Eitan Yudelevich, Executive Director, BIRD Foundation
Matan Friedman, Senior Associate, Bessemer Venture Partners
Sagi Rubin, Associate, Virgin Green Fund
Martin Kace, Founder and President, Empax

Registration for the conference is required.

I hope to see you next month in San Francisco!

BGU partners with U. of Johannesburg and UCLA on water research

Ben-Gurion University of the Negev has partnered with the University of Johannesburg and the University of California, Los Angeles (UCLA) to conduct scientific research into the fields of water purification and microalgal biotechnology, according to a press release last month.

"This is an international partnership that will benefit the peoples of South Africa, Israel and other countries around the world,” said BGU’s Vice President for External Affairs Prof. Amos Drory on occasion of the signing. Drory and Prof. Derek van der Merwe, Pro Vice-Chancellor at the University of Johannesburg, signed the research collaboration agreement in South Africa.

"The two universities will become involved in extremely important, evolutionary research that will mainly benefit third world countries throughout the world,” said Dr. Bertram Lubner, Vice-Chairman of BGU’s Board of Governors and president of the SA Associates of Ben-Gurion University (SAABGU).

Prof. Sammy Boussiba and Prof. Yoram Oren from Ben Gurion University’s Blaustein Institute for Desert Research will head up the projects in Israel working together with Prof. Bhekie Mamba, leading the South African research teams. They will be assisted by Prof. Eric Hoek, an expert in the fields of water purification and microalgal biotechnology at UCLA.

According to Prof. Mamba, the two universities will brainstorm on how they can contribute to ongoing South African research into water purification in rural areas and around the Hartbeespoort Dam near Pretoria. In addition, they will research the feasibility of harvesting algae from the Dam and converting it to energy. The Hartbeespoort Dam remediation programme is being implemented by the South African Department of Water Affairs and Forestry (DWAF) to address the imbalances and unhealthy biological conditions in the dam.

"We will investigate how we can contribute and add value to this ongoing project,” said Prof. Mamba. Ongoing research into the use of membranes to purify water in rural areas will also benefit from the UJ, BGU and UCLA collaboration.

"We will look at the effective treatment of dam and river water used for drinking in rural areas,” he continued. "Here, the pollution is not industrial, but microbial. We need to address the issue of bacteria and viruses into the water, and we will be looking at what role UJ and BGU can play. "We hope to come up with a low-cost, low-maintenance solution geared for rural areas,” Prof. Mamba said.

BrightSource Energy and Bechtel to partner on solar thermal power plants

BrightSource Energy announced today that it has selected Bechtel, a leading engineering, construction and project management firm, as the engineering, procurement and construction (EPC) contractor for the Ivanpah Solar Electricity Generating System.

The two companies also announced that Bechtel Enterprises, the project development and financing arm of the Bechtel organization, will become an equity investor in all of the Ivanpah solar power plants.

Under the terms of a series of EPC agreements, Bechtel will provide engineering, procurement, and construction services for the Ivanpah System – a 440 megawatt solar power facility consisting of three separate solar thermal power plants in southeastern California. The power generated from these solar plants will be sold under separate contracts established by BrightSource Energy with Pacific Gas & Electric (PG&E) and Southern California Edison (SCE). BrightSource’s contracts with PG&E and SCE total 2.6 gigawatts.

“Combining Bechtel’s world-class EPC capabilities with BrightSource’s leading solar thermal energy team is a natural fit,” said John Woolard, BrightSource’s President and CEO. “We share a common vision of setting the standard in building environmentally-friendly solar power plants while creating jobs for local communities. We very much look forward to partnering with Bechtel on constructing the Ivanpah facility.”

BrightSource estimates that the Ivanpah facility will result in approximately 1,000 jobs at the peak of construction, 86 permanent jobs*, and total economic benefits of $3 billion. The plants will also displace more than 450,000 tons (408,000 metric tonnes) of CO₂ annually, which is the equivalent of taking more than 75,000 cars off the road.

The Ivanpah facility is scheduled to begin construction in early 2010 following final permitting by the California Energy Commission and the Bureau of Land Management. In December 2008, BrightSource signed an agreement with Siemens to purchase the largest ever solar-powered steam turbine generator for the first of the three Ivanpah plants.

The Ivanpah facility will utilize BrightSource Energy’s proven Luz Power Tower 550 technology (LPT 550). The LPT 550 solar system produces electricity the same way as traditional power plants – by creating high temperature steam to turn a turbine. However, instead of using fossil fuels or nuclear power to create the steam, BrightSource uses thousands of mirrors called heliostats to re­flect sunlight onto a boiler filled with water that sits atop a tower. When the sunlight hits the boiler, the water inside is heated and creates high temperature steam. The steam is then piped to a conventional tur­bine which generates electricity. This fully integrated approach takes advantage of high operating efficiencies and low capital costs to provide reliable and low-cost carbon-free energy.

The LPT 550 solar system is also designed to minimize the solar plant’s environmental impact, reducing the need for extensive land grading and concrete pads. In order to conserve precious desert water, LPT 550 uses air-cooling to convert the steam back into water, resulting in a 90 percent reduction in water usage compared to conventional wet-cooling. The water is then returned to the boiler in an environmentally-friendly closed process.

Today, LPT 550 is employed at the company’s Solar Energy Development Center (SEDC) in Israel’s Negev Desert. Operating over the past year, the SEDC is producing the world’s highest temperature turbine quality steam from solar energy.

BrightSource is the parent of Jerusalem, Israel-based BrightSource Industries Israel (BSII), formerly called Luz II. BSII performs R&D, production and project engineering for its California-based parent company.

BrightSource Seeking Partners in China and India

BrightSource is actively seeking partners in India and China as it looks to expand its reach outside the United States, Chief Executive John Woolard said yesterday, according to a report from Reuters.

Moving "slowly and deliberately," BrightSource could announce partners in those two nations a year from now, Woolard told the Reuters Global Climate and Alternative Energy Summit in San Francisco.

"We are talking to various large companies over there," Woolard said. "Generally partners that are large, have engineering capabilities and can really deliver on plant construction and get things done."

Woolard's comments came on the same day that First Solar Inc, made the first major foray by a U.S. company into the fast growing Chinese alternative energy sector with plans to build the world's largest solar plant there.

"It shows a few things," Woolard said of the First Solar announcement. "One is that the Chinese are willing to think at a size and scale that is meaningful... and it also shows that the Chinese are ready and willing to look at real projects and real money."

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GreenRoad raises $15m from DAG Ventures and existing investors

GreenRoad, which is developing technologies to encourage safe and fuel-efficient driving behavior, announced today that it has raised $15 million in growth funding.

DAG Ventures, a venture capital investment partnership, led the round with participation from existing investors Benchmark Capital, Virgin Green Fund, Amadeus Capital and Balderton Capital.

GreenRoad also announced that Nick Pianim, managing director at DAG Ventures, was appointed to the company’s board of directors.

“We are very proud to have earned the confidence of DAG Ventures, as well as our existing institutional investors,” said Dan Steere, CEO of GreenRoad. “This investment of capital will enable GreenRoad to accelerate its expansion with fleet customers and partners.”

“We were encouraged by the company’s successive quarters of revenue growth, despite the current economic climate,” said Pianim. “GreenRoad’s ability to cut crash costs up to 50 percent and generate fuel savings of up to 10 percent has broad appeal to insurers and enterprise fleets across several industries. The GreenRoad Service presents a scalable approach to improving safety and fuel economy that resonates with commercial fleets looking to mitigate risk, offset volatile insurance and fuel costs and impact their bottom line immediately.”

“GreenRoad has a track record of delivering results and we are excited to continue investing in a company that is successfully responding to the global challenge of unsafe and inefficient driving,” said Elie Wurtman, general partner at Benchmark Capital and Chairman of GreenRoad’s Board of Directors.

GreenRoad is headquartered in Redwood Shores, California, with sales offices throughout the U.S. and UK and an R&D Center in Or Yehuda, Israel. The company was founded in 2003 by Hod Fleishman and Ofer Raz.

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BrightSource and PG&E sign 1,310 MW solar power deal

BrightSource Energy announced today that it has entered into a series of contracts with Pacific Gas and Electric Company (PG&E) for a total of 1,310 megawatts (MW) of solar thermal power.

These power purchase agreements, covering seven projects, supersede the agreements PG&E executed with BrightSource in April 2008 for up to 900 MW of solar thermal power.

The first of these solar power plants, sized at 110 MW and located in Ivanpah, California, is contracted to begin operation in 2012. BrightSource will build and place in commercial operation each of its plants as quickly as permitting and infrastructure allow.

All seven projects are expected to produce 3,666 gigawatt-hours of power each year, equal to the annual consumption of about 530,000 average homes.

“Today’s agreements reflect the technological milestones that the BrightSource Energy team has achieved over the past year,” said John Woolard, CEO of BrightSource Energy. “Our technology is setting the bar for efficient production of solar energy. We’re thrilled by the opportunity to help PG&E and other leaders bring energy customers more clean and reliable solar energy.”

“The solar thermal projects announced today exemplify PG&E’s commitment to increasing the amount of renewable energy we provide to our customers throughout northern and central California,” said John Conway, senior vice president of energy supply for PG&E. “Through these agreements with BrightSource, we can harness the sun’s energy to meet our customers’ power requirements when they need it most – during hot summer days.”

BrightSource Energy now has contracted to sell more than 2,600 megawatts of power to be generated using its proprietary solar thermal technology. Headquartered in Oakland, Calif., BrightSource Energy is a privately held company with operations in the United States and Israel.

BrightSource Industries (Israel) Ltd. ("BSII"), formerly known as Luz II Ltd., headquartered in Jerusalem, is a wholly-owned subsidiary of BrightSource Energy. The BSII team provides product development and engineering services, and supplies the solar fields, including heliostats, solar boilers, and control systems for all of BrightSource Energy's projects.

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Arrow Ecology wins California waste treatment deal; also in talks to build Maryland facility

Arrow Ecology, a waste-treatment company based in Haifa, Israel, and its partners partners have won a $17 million municipal solid waste to biofuel conversion project in southern California.

According to a report in Globes, Arrow Ecology's share of the project is $7-8 million, plus maintenance fees over the 20-year franchise.

Arrow Ecology will handle 50,000 tons of municipal solid waste a year sent from CR&R Waste and Recycling Services Inc., operates in the greater Los Angeles area.

Arrow Ecology was founded in 1975 to treat industrial waste, oils, and sludge. Its solid waste unit has 35 employees, and is now hiring marketing staff, process engineers, and machine engineers.

Consensus Business Group of the UK and a large Israeli investment company have invested $15 million in Arrow Ecology to date. The company's ArrowBio Process can recycle over 90% of municipal solid waste and converts the rest into biogas, such as methane and carbon dioxide, greatly reducing the need for landfills. Some of the biofuel can be used by heavy machinery.

According to another news report, Arrow Ecology is also in talks to construct an environmentally friendly waste treatment plant in Frederick County, Maryland.

Melvin Finstein, president of ArrowBio USA, and other representatives of Arrow Ecology, met in March with Frederick County local officials at the 24th International Conference on Solid Waste Technology and Management in Philadelphia.

Excerpt of Finstein's interview with the Frederick County Gazette are available here.

BrightSource Energy and SCE sign 1.3 GW solar thermal deal

BrightSource Energy has signed a contract with Southern California Edison (SCE) to supply 1,300 megawatts of solar thermal power, enough to serve nearly 845,000 homes. This is the largest solar deal ever announced.

BrightSource will develop seven solar facilities for SCE under terms of the deal. The first 100-megawatt plant, to be built at BrightSource's Ivanpah complex in the Mojave Desert, is due to come online in early 2013.

In total, BrightSource now has 4.2 GW of solar sites under development.

BrightSource did not disclose the size of the new contract or the cost of building these solar thermal plants.

BrightSource CEO John Woolard revealed earlier this month at the World Economic Forum that the company's existing projects may be delayed because of difficulties in obtaining project financing.

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BrightSource looks to Obama stimulus for relief, may have to delay construction of California solar plants

BrightSource Energy's Ivanpah Solar Power Complex planned for California could be delayed if the U.S. government's economic stimulus package does not provide incentives to unlock financing for renewable energy projects.

BrightSource Energy Inc, which last year signed contracts with California utility PG&E Corp to provide up to 900 megawatts of solar thermal power, still needs to secure financing for the project, which BrightSource is scheduled to begin constructing in late 2009.

"We should be able to turn dirt over and start construction in the fourth quarter of this year, but big financings don't come in months," BrightSource CEO John Woolard said in an interview with Reuters at the annual meeting of the World Economic Forum in Davos, Switzerland. "Depending on what happens out of the stimulus bill, it could get pushed back."

U.S. President Barack Obama's proposed $825 billion economic stimulus plan, which offers incentives for renewable projects, will be critical to jump-starting investment again, Woolard said.

"If you were to wait for private markets to come back completely, you'd be waiting a long time. But if you look at what you can do with the right amount of government support, you could see things happen this year," he said, calling the stimulus package "one of the most important pieces of legislation in renewables, period."

Despite the apparent recent difficulty in obtaining project financing for the Ivanpah Complex, BrightSource has achieved several major milestones in the past year:

• In March, BrightSource entered into a series of power purchase agreements with PG&E for up to 900MW of electricity. Ivanpah would be California’s first large-scale commercial solar thermal power plant in nearly three decades.
• In May, BrightSource announced that it had secured $115 million in additional corporate funding from its Series C round of financing, bringing the total the company has raised to date to over $160 million. VantagePoint Venture Partners, the company’s initial investor, led the syndicate, which included Google.org, BP Alternative Energy, StatoilHydro Venture and Black River, Morgan Stanley, DBL Investors (formerly a subsidiary of JP Morgan), Draper Fisher Jurvetson, Chevron Technology Ventures.
• In June, BrightSource dedicated its Solar Energy Development Center (SEDC), an operational solar field that will provide the company with the ability to test equipment, materials and procedures as well as construction and operating methods. The SEDC is located at the Rotem Industrial Park in Dimona, Israel, and is managed by BrightSource Industries Israel (formerly Luz II), the company's wholly-owned Jerusalem-based subsidiary.
  
• In December, BrightSource signed an agreement with Siemens for the largest ever fully solar-powered steam turbine generator for its Ivanpah Complex.
• Last week, BrightSource announced that Andrew Siegelstein has been named General Manager for the company’s subsidiary BrightSource Construction Management Company. Under Siegelstein's leadership, BrightSource Construction Management Company will oversee and manage the construction of BrightSource Energy’s solar energy projects, including the Ivanpah Complex.

BrightSource also seems to be doing better than its competitors, OptiSolar and Ausra. According to reports in Earth2Tech and GreentechMedia, both OptiSolar and Ausra are laying off employees. Ausra, which is backed by high-profile cleantech VCs Khosla Ventures and Kleiner Perkins, is reportedly changing its business plan because of the difficult financing environment and will focus on supplying equipment and building small power plants.

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Tigo Energy adds three cleantech industry veterans to board of advisors

Tigo Energy, a California- and Israel-based solar startup developing technology to increase efficiency in photovoltaic installations, announced today that industry veterans, Professor Takashi Tomita, Mr. Yair Cohen and Dr. Nathan Zommer, have agreed to join the company's board of advisors.
Yair Cohen was previously a Brig. General (Res.) in the IDF and head of the IDF's famous Unit 8200, responsible for collecting signal intelligence and code decryption -- Israel's equivalent to the NSA. As described in this Forbes article, Unit 8200 alumni have founded high-tech companies such as Check Point, ICQ, Nice, AudioCodes and Gilat. Mr. Cohen is now Senior Vice-President of IDB Group, one of Israel's largest holding companies, he occupies executive positions at Clal Energy and Elron, and he is a director of cleantech companies Atlantium and AqWise. In November 2008, Clal Energy announced a collaboration agreement with Tigo Energy.

Nathan Zommer, PhD is the Chairman and CEO of Nasdaq-listed IXYS Corporation, which he founded in 1983. During IXYS' 25 year history, he has been an advocate of energy efficient technologies as strategic investment opportunities. Zommer has served as a director since 1983 and as chairman of the board, president and CEO since March 1993. Prior to founding IXYS, Zommer served in a variety of positions with Intersil, Hewlett Packard and General Electric, including as a scientist in the Hewlett Packard Laboratories and director of the Power MOS division for Intersil/General Electric. Zommer also holds many patents in Power OSFETs and IGBTs.

Takashi Tomita now serves as Visiting Professor of the University of Tokyo, Research Center of Advanced Science and Technology; and as a Member of the Market Strategy Board of the International Electro-technical Commission (IEC). Prior to this, Tomita provided 34 years of successful leadership at SHARP Corporation. As an Executive Director of Sharp and head of the Solar Business Group, Tomita guided the company to become the largest solar supplier in the world for seven consecutive years, achieved a total solar business volume of $1.5bn in 2006, and established Sharp as the top residential solar supplier in Japan.

The three new appointees will join Gary Gerber, President of the California Solar Energy Industries Association -- SEIA; and CEO of Sun, Light & Power on the Tigo Energy board of advisors.

"We are pleased that these gentlemen -- each a key leader in the energy sector -- have recognized the potential within Tigo Energy's solar solution," stated Ron Hadar, President of Tigo Energy. "Each has committed their assistance towards our goal of accelerating solar adoption."

Mr. Cohen, Senior Vice President of IDB Group stated, "Tigo's innovative technology and great people position the company for strong contributions to the Solar Industry. I'm happy to be part of the team."

Speaking of the recent additions to the board of advisors and future of the company, Tigo Energy CEO Sam Arditi said, "Tigo Energy is honored to have these international industry leaders join as advisors. We will take their recommendations seriously and look forward to contributing to the growth of the industry as a whole."

According to the company's web site, Tigo Energy builds hardware and software intelligence into solar energy installations, making them more efficient, more manageable, and safer. By maximizing the energy output of each individual module, Tigo's advanced balance-of-system products deliver lower cost of ownership and a faster return on investment for existing and new solar installations. Started in 2007, Tigo has raised six million dollars in a round led by Matrix Partners and OVP Venture Partners, and successfully deployed beta installations across US and Europe in cooperation with prominent regional installers.

In October 2008, Tigo Energy announced the opening of an office in Kfar Saba, Israel, that will focus on the company's engineering activities. Mordechay (Modi) Avrutsky heads Tigo Energy's Israel operation and serves as Vice President of Engineering.

More information about Tigo Energy's technology and business plan is available online in this presentation by the company.

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Kinrot signs cooperation agreement with California water incubator

The Kinrot Incubator recently signed a cooperation agreement with a California water technology incubator: the Claude Laval Water and Energy Technology (WET) Incubator.

WET is based on California State University's Fresno campus. Established in 2007, WET is a $5 million partnership between Fresno State, the International Center for Water Technology, and the Central Valley Business Incubator.

In an interview with Globes, Kinarot CEO Assaf Barnea described the cooperation agreement between Kinrot and WET. "The cooperation between us is on three levels: joint research, joint development based on innovative technology, and marketing water technology. The significance for us is the joint marketing of the products. The American incubator is like an industrial park, and the firms in our portfolio that want to meet other firms will find partners willing to listen there. We'll join in meeting potential investors. The water technology market is very conservative, and you have to form close ties in order to make sales."

Vancouver-based Stern Partners acquired Kinrot in 2006.

In June, Kinarot signed an agreement with the city of Los Angeles on water technology. The agreement will allow Israeli start-ups to use Los Angeles Department of Water & Power facilities for pilot projects.

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CICC Cleantech Tour underway in Silicon Valley

The California Israel Chamber of Commerce (CICC) inaugural Cleantech Tour is now underway. 12 Israeli cleantech companies will meet with industry leaders, investment firms and utility giants from November 10-13 in Northern California.

The tour is part of the CICC's Cleantech Initiative, and the CICC has lined up and impressive series of events and meetings for the partipating companies: 3G Solar, BotanoCap, Canarious, Cequesta Water, Coriolis Wind, CellEra, CES - Computerized Electricity Systems, Emefcy - Bio Energy Systems, HCL Clean Tech, Metrolight, SOVNA, and Tigo Energy

Details on the tour and registration for Tuesday's public event at Stanford are available on the CICC web site.

Israeli cleantech startups to visit Silicon Valley

The California Israel Chamber of Commerce (CICC) has just announced a "Call for Companies" for its inaugural "Israel Cleantech Tour 2008".

The tour is part of the CICC's Cleantech Initiative and aims to introduce Israeli cleantech companies to California's key cleantech industry players -- "customers, investors and technology and channel partners." Joining the CICC in hosting the delegation are General Electric, Pacific Gas & Electric (PG&E), Google, Applied Materials, California Public Utilities Commmission (CPUC), and The Cleantech Group.

Companies interested in joining the delegation should check out the CICC Cleantech Initiative's web site and download an application form. Only 15 companies will be selected to participate, and applications are due no later than September 20!

Eric Weiss, the Chair of the CICC's Cleantech Initiative, graciously agreed to an interview with "Cleantech Investing in Israel." What follows are his answers to a series of questions about the CICC, the Cleantech Tour, and Israel's cleantech-related connections to Silicon Valley.

JS: What are the origins of the CICC's Cleantech Initiative and 2008 Tour? What other industries has the CICC worked with?

EW: The CICC has always focused on programs that matter to its investor and corporate members. Cleantech is becoming front and center to its membership and is a vital strategic industry in both California and Israel. California is the #1 U.S. state for cleantech investment, has the most aggressive renewable energy policies and has a consumer base predisposed to buying “green”. Meanwhile Israel has over 400 promising cleantech companies and world class scientific research institutions. Creating this initiative was a “no-brainer.”

Over the past 8 years the CICC has successfully worked with a variety of technology industries – semiconductor, software, telecom, Internet/web. Each time we have employed a strategy of partnering with the industry leaders. For example, in the Internet/web we worked with Google, Yahoo, Adobe and Microsoft; in semiconductor it was Motorola, Intel, Applied Materials and Texas Instruments. In cleantech we’re similarly working with leaders in the industry, though we also included policymakers and academia in addition to industrial players. Some of our cleantech partners include: PG&E, GE, California Public Utility Commission, Applied Materials, Google, BrightSource, US Venture Partners, Greylock Partners, Israel Cleantech Ventures and Perkins Coie.

JS: What are the goals of the tour?

EW: The goals of the tour are to bring together entrepreneurial, investment, corporate and policy leaders from Israel and California, enable sharing of ideas and ultimately facilitate business between the groups. In prior tours, the results were tangible -- terms sheets and contracts for equity investments, acquisitions, joint R&D and channel partnerships. Also, Israel and California have complementary strengths which can be the basis for collaborative information sharing during the tour – Israel brings leading edge technology and California offers capital and a large market. The format of the tour enables this variety of goals to be achieved – we go far beyond just Powerpoints -- with interactive roundtables, panels, private meetings and company/facility tours.

JS: What is the perception in Silicon Valley, among investors and entrepreneurs, of Israel's cleantech sector?

EW: Silicon Valley knows that Israel is a leader in technology with numerous Israeli success stories including SanDisk, Checkpoint, Mercury and Amdocs. Major companies such as HP, Cisco, Qualcomm, Oracle and Intel have invested accordingly. Israel also has the 2nd largest number of companies in the world listed on the NASDAQ. Many California cleantech leaders have not made the connection that Israel has a technology braintrust that is translating into breakthroughs beyond water and solar, but also in biogas, battery technology, waste treatment, pollution control, wind turbines, and other environmental technology. In the case of Israel, necessity has very much been the mother of invention. When you point this out, it clicks for people and they get it. And that is why we are having this tour and conference, to make it abundantly clear to Silicon Valley how Israel’s technical leadership can help them make money in cleantech.

JS: What cleantech-related connections already exist between Silicon Valley and Israel?

EW: There are many connections besides the obvious ones, such as BrightSource and Better Place. Applied Materials has been active on CICC’s Cleantech Steering Committee and their CEO, Mike Splinter, is on the CICC advisory Board. Intel, as well, is very active in Israel and Intel Capital has been getting quite active in cleantech. PG&E not only works with BrightSource, but also Solel. Ormat is actively growing its geothermal plant in California. GE’s cleantech investment arm is in San Francisco but also has a thriving presence in Israel. Moreover, many of the same entrepreneurs and investors who were active in semiconductor, software and other technology in both Israel and California are still working in both geographies, but now in cleantech – examples include Sass Somekh and Eric Benhamou, and investors from Greylock and US Venture Partners.