EnStorage raises $15M Series B financing led by Warburg Pincus

Israeli fuel cell start-up EnStorage Ltd. has raised $15 million in a Series B financing round.

U.S. private equity fund Warburg Pincus led the round, and was joined by all of EnStorage's current investors, including Greylock Partners, Canaan Partners, Siemens TTB, and Wellington Partners, according to a report in "Globes".

EnStorage was founded in 2007 by VP R&D Dr. Arnon Blum, Chief Scientific Officer Prof. Emanuel Peled of Tel Aviv University, Chairman Nachman Shelef, and former CEO Eran Yarkoni.

EnStorage is developing and commercializing energy storage systems, based on technology developed for over by Prof. Emanuel Peled and his team at Tel Aviv University. The technology is licensed from Ramot, the technology transfer company of Tel Aviv University.

According to the EnStorage web site, James Levy, a Principal at Warburg Pincus, has joined the EnStorage Board of Directors.

EnStorage raised a $2 million Series A financing in January 2008.

Eran Yarkoni was the featured speaker at the first CleanIsrael Meetup in March 2008. Congratulations to the EnStorage team for the Series B financing!

Related Posts:

EnStorage raises $2m from Greylock, Canaan and Siemens Venture Capital

Highlights from first CleanIsrael meetup event

Cleantech Israel group meets in Herzliya

Cleantech Israel, a new group that enables entrepreneurs, investors, academics, government officials and others to meet and exchange ideas about Israel’s renewable energy, water, and environmental technology sectors, held its second event this week in Herzliya Pituach.

The event featured a presentation by Alon Tamari, Co-CEO of SolarPower Israel — the largest solar integration company in Israel — followed by time for networking by the ~70 people in attendance.

The group’s first event in March included presentations by Jack Levy, General Partner at Israel Cleantech Ventures, and Eran Yarkoni, Founder and CEO of EnStorage, a company developing an innovative fuel cell technology.

Similar networking groups exist in other emerging clean technology clusters, like Boston and Silicon Valley, and I am excited about the prospects for a group in Israel.

With almost 500 cleantech-related companies, and venture capital firms with hundreds of millions of dollars to invest in the industry, there is certainly a lot to discuss.

For more information about Cleantech Israel, please visit the group’s web page or feel free to contact me directly.

Cleantech Israel group featured in Globes

The Cleantech Israel meetup group was recently featured in "Globes", and I am re-posting the article below. Highlights and a photo from the group's first event are also available on this blog.

Cleantech Israel enables people (including entrepreneurs, investors, academic researchers and government officials) to meet and exchange ideas about the renewable energy, water, and environmental sectors.

The group's next event, on April 29, will include a presentation by Alon Tamari, Co-CEO of SolarPower Ltd., followed by time for networking. You can join the group and RSVP for the next event at our web page.

"Globes": Cleantech industry networks in Israel

About 50 representatives from various parts of Israel's cleantech industry recently met in Herzliya Pituach to launch a networking initiative. They included venture capitalists, entrepreneurs, Ronit Golovaty from the Israel Export and International Cooperation Institute and even Jaclyn Marcus from the California Public Utilities Commission. The meet-up was organized by Jonathan Shapira, from Boston, and Gene Dolgin from Tel Aviv. The Cleantech Israel group currently has 134 members.

Jonathan Shapira is a law student from Boston who is currently serving an internship with Israel Cleantech Ventures, where Gene Dolgin is an analyst. The US law firm of Goodwin Procter LLP, which has an extensive Clean Technology Practice, sponsored the meet-up. Shapira says that he will soon be working for the firm.

Shapira and Dolgin, aware that there are similar cleantech networking groups in places like Boston and Silicon Valley, decided to organize the group to enable key players in the industry in Israel - entrepreneurs, investors, academics, and government officials - to meet and exchange ideas. Shapira notes that while Israel has many strengths when it comes to cleantech, the lack of government support, especially when compared to what is happening in other countries, may hold the industry back. He hopes that members of the Cleantech Israel group, together with other organizations such as Waterfronts - Israel Water Alliance, and the newly created Israel Energy Forum, might be able to persuade the government to implement better policies related to renewable energy, clean water, and the environment.

Shapira told "Globes", "Gene and I decided to organize the network together, and we received a strong response, especially from entrepreneurs and investors. Other parties quickly joined, including academics and a few government officials.

The participants at the Cleantech Israel meet-up included former Gemini Israel Funds partner Tali Aben; Genesis Partners principle Gil Dibner; Terra Venture Partners LP general partner Dr. Harold Weiner; and Israel Cleantech managing partner Jack Levy. Levy noted, "Although Israel entered cleantech late, great things have emerged here within only three years, on both the entrepreneurs and the funds side."

Participating entrepreneurs included low-cost regenerative fuel-cell developer Enstorage Ltd. CEO Eran Yarkoni, wastewater treatment solutions developer AqWise Ltd. VP business development Udi Leshem; Emefcy Bioenergy Systems CEO Eytan Levy, who previously co-founded AqWise; Phoebus Energy Ltd. CEO Yoav Ben-Yaacov; Ashkelon Technological Industries (ATI) cleantech director Rafi Nevo; and Noam Ilan, who is the project manager of the alternative energy park under construction at the Eilot Regional Council in the southern Negev.

Highlights from first Cleantech Israel meetup event

On March 27, Shai Agassi was in Copenhagen to announce a partnership between Project Better Place and DONG Energy to develop a network of electric-car recharging stations in Denmark.

Meanwhile, back in Israel, more than fifty people, including a mix of entrepreneurs, venture investors, government officials and other key stakeholders in the industry, participated in the launch of the new Cleantech Israel meetup group.

The event, held at Max Brenner on Hamenofim St. in Herzliya Pituach, included presentations by Jack Levy, General Partner at Israel Cleantech Ventures, who provided an overview of recent developments in the sector; and Eran Yarkoni, founder and CEO of EnStorage, who gave a start-up's perspective on licensing "clean-tech" technology. EnStorage recently completed a financing round from Greylock Partners, Canaan Partners of the US, and Siemens Venture Capital, and its technology is licensed from Tel Aviv University.

I would like to thank everyone who participated, including individuals from cleantech companies Aqwise, CheckLight, Edig Solar, Emefcy, En Gibton, Phoebus Energy, and TechnoSpin Wind; and from investors such as Genesis Partners, Lab-One Innovations, Magnolia Capital, Moreno Meister, Naiot, and Terra Venture Partners. Also in attendance were Yael Cohen Paran, the Director of the new Israel Energy Forum, and Tsvi Bisk, the creator of the Jewish Energy Project.

A special thanks to Noam Ilan, the Director of Renewable Energy in Eilat-Eilot, and our guest from the California Public Utilities Commission, both of whom traveled a long way to join us.

I would also like to acknowledge my fellow bloggers -- Tali Aben, Lisa Damast, and Kfir Pravda - it was great to meet you in person!

The event was sponsored by Goodwin Procter LLP, a U.S. law firm with an extensive Cleantech Practice.

EnStorage raises $2m from Greylock, Canaan and Siemens Venture Capital

Sources inform ''Globes'' that Israeli cleantech start-up EnStorage Ltd. has completed a $2 million financing round from Greylock Partners, Canaan Partners of the US, and Siemens TTB This is Greylock and Canaan Partners' first investment in an Israeli cleantech company.

EnStorage CEO Eran Yarkoni, CTO Prof. Emanuel Peled, and VP R&D Dr. Arnon Blum founded the company a year ago. The company is based on Peled's research and is operating in stealth mode.

According to IVC Online, EnStorage is developing a low-cost regenerative fuel cell energy-storage-system (ESS) for power grid load leveling and for capacity firming of solar and wind power generation plants. The company claims that its ESS is smaller, more efficient and lower-cost than other energy storage systems.

According to the U.S. Department of Energy, regenerative fuel cells produce electricity from hydrogen and oxygen and generate heat and water as byproducts, just like other fuel cells. However, regenerative fuel cell systems can also use electricity from solar power or some other source to divide the excess water into oxygen and hydrogen fuel—this process is called "electrolysis." This is a comparatively young fuel cell technology being developed by NASA and others.