Metrolight raises $3m, names Zvi Segal as new CEO

Metrolight Ltd., a leading provider of electronic ballast solutions for energy efficient lighting, announced today that it has raised $3 million and appointed Zvi Segal as a Chief Executive Officer.

Zvi Segal, a veteran of Orbotech Group, Applied Materials and Teledata Communication, will lead Metrolight's growth phase driven by what Metrolight says is strong demand for its energy saving products and services from commercial, industrial and municipal customers across Europe and the US. Metrolight's High Intensity Discharge (HID) eBallast reduces up to 60% of energy consumed and doubles the life of a lamp.

Existing Metrolight shareholders including Virgin Green Fund, Gemini Israel Funds, Israel Cleantech Ventures led the $3 million financing round. MetroLight raised $9 million from these investors in August 2007.

Metrolight was founded in 1996 and is based in Netanya, Israel. Metrolight's U.S. headquarters are in Franklin, Tennessee.

According to Metrolight's Chairman Yoav Leeran, "The appointment of Zvi Segal is the next logical step in building a worldwide leader in energy efficient lighting. We expect Zvi will continue building a strong business with the best portfolio of high power commercial, industrial and municipal lighting solutions. The new money raised underlines the strong belief of the founders and the investors in the product, unique technology, market potential and the management team of Metrolight."

Zvi Segal adds, "I'm looking forward to working with Metrolight's highly skilled and knowledgeable team. The commercial and industrial lighting market is set for significant growth given the energy savings offered by high power electronic ballasts. Metrolight, based on its patented technology, is well positioned to be the leader of the movement to modern energy efficient lighting systems."

"High power lighting is probably one of the very few utilities that has not yet benefited from a transition to electronic technology. Zvi Segal will lead the company to build on its success in the market in offering products and associated services that substantially reduce energy consumption for the heavy lighting users," states Shai Weiss, Partner at Virgin Green Fund.

Israeli cleantech venture funds profiled in International Herald Tribune

A recent International Herald Tribune article reports on Israel's cleantech industry, focusing on the role played by specialized cleantech venture capital funds

Jack Levy, general partner at Israel Cleantech Ventures, which raised $75 million last year for its first fund, cites Israel's pool of Russian immigrants -- including many mechanical, chemical and metals engineers -- as a unique advantage for Israel.

Astorre Modena, an Italian-born physicist and co-founder of Terra Venture Partners, says native Israelis contribute the entrepreneurial spirit that complements the Russian technological expertise. Modena reports that Terra raised $25 million last year in a first round of financing.

Also cited in the article are Precede Technologies, which is backed by Pitango Venture Capital and Evergreen Venture Partners; Gemini Israel Funds; and the Israel Opportunity Fund, a new fund managed by Dan Gillerman and Matthew Bronfman.

Related Posts:

Bronfman and Gillerman set up new cleantech fund

Precede Technologies: the cleantech startup nursery

Israel Cleantech Ventures closes on $75 million fund

Terra VP raises $15 million, makes first investments

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.

U.S. Army venture fund looks to Israel for water technologies

Christopher Fountas, a General Partner at Arsenal Venture Partners, was recently in Israel to examine the potential for investment in early-stage water technology companies.

Arsenal Venture Partners is a leading venture capital firm focused on the intersection of the commercial and defense markets. AVP manages an early-stage venture capital fund (OnPoint Technologies), and a seed-stage venture fund (MILCOM Technologies). It already has an extensive cleantech portfolio and co-invests with many of the leading venture capital funds and corporate investors in the sector.

According to a report in "Globes", Fountas was invited to Israel by Dr. Orna Berry, a venture partner at Gemini Israel Funds, as well as Chairperson of the Israel Venture Association and former Chief Scientist of the Ministry of Industry and Trade; and Assaf Barnea, CEO of the Kinrot Water Technology Incubator.

Fountas said, "We manage investments in technologies for the US Army to meet needs that arise in wartime, such as during operations in Iraq, and for the government and industrial markets. We've come to Israel with the understanding that it’s a global leader in water technologies."

Joining Fountas on his trip to Israel was Melissa Meeker, a governing board member of the South Florida Water Management District (SFWFD). According to Meeker, Florida is reviewing the establishment of a state venture capital fund for cleantech.

During their visit, Fountas and Meeker met with Mekorot - the Israel National Water Company; executives at venture capital funds including Gemini, Evergreen Venture Partners, and Israel Cleantech Ventures; and Booky Oren, President of the Arison Water Initiative.

Summarizing his visit to Israel, Fountas said, "The water technologies that generally interest us are those that are synergetic to US Army and federal government needs.... All the water sectors relevant to us for investment are found here, from water security through water treatment and management, to desalination."

Gemini co-founder Tali Aben to leave fund; will remain on board of Xjet Solar

Sources inform "Globes" that Tali Aben has recently announced her decision to leave Gemini Israel Funds, the venture capital firm in which she is a partner. Gemini manages $686 million, is in the process of raising a $200 million fifth fund, and has an active "Greentech" portfolio.

Aben will not be a partner in the fifth fund, but she will continue to sit on the board of Xjet Ltd., a Gemini portfolio company developing an innovative deposition technology for solar cell manufacture. Xjet raised $9 million in a first found of financing in November 2007 from Gemini, Swiss investment fund Good Energies, Taiwanese semiconductor equipment manufacturer Spirox and private investors.

Xjet is based in Rehovot. According to Good Energies, Xjet's "vision is to redefine solar cells cost efficiency through the introduction of innovative, next generation deposition technologies. Xjet is among the first companies in the world to focus on the solar fab and provide the solar cell manufacturers with dedicated highly efficient tools."

Tali Aben was one of Gemini's founders and blogs at "Israeli VC on Sand Hill Road". According to Aben, "I wanted to get out and look for something I could believe in and work with, or in the framework of which I could do something big. That search takes time. You can't do it while you're working. After thirteen years, which is a very long time, the decision was hard, but the best time is between two funds."

For additional background information on Xjet, see:

"Solar energy start-up Xjet raises $9m"

Oasis Investment Fund -- new VC investing in the Negev

Gideon Soesman, Ronen Gadot and Lior Berger are the co-founders of the Oasis Investment Fund, a new venture capital firm with a social mission to develop the Negev and increase prosperity in the southern region of Israel.

Oasis intends to invest in 10-15 early-stage companies in the areas of solar energy, water technologies, smart desert agriculture, tourism, small real estate projects, and traditional industries. The firm is currently soliciting investors for a $30 million fund. The Canadian Jewish News recently detailed Oasis' successful fund-raising efforts in Toronto.

Gideon Soesman, the firm's managing director, previously served as a senior director for global M&A activities at Philips Electronics. Lior Berger, a director, was formerly a general partner at Gemini Israel Funds. Ronen Gadot, Oasis' other director -- a native of Arad and former F-16 fighter pilot -- was a director of business development at Philips Electronics and was recently executive vice president of SHL Telemedicine.

Solar energy start-up XJet raises $9m

According to Globes, Israeli start-up XJet Ltd. has raised $9 million in its first financing round from Gemini Israel Funds, Swiss investment fund Good Energies, Taiwanese semiconductor equipment manufacturer Spirox and private investors.

XJet is currently operating stealth mode. According to a press release, the company's vision is to redefine solar cells cost efficiency through the introduction of innovative, next generation deposition technologies. Helping an oil free world future, the solar energy industry has to dramatically grow its capacity and accelerate its cost reduction. XJet is among the first companies in the world to focus on the solar fab and provide the solar cell manufacturers with dedicated highly efficient tools.

This is the second cleantech investment by Gemini Israel Funds. In August, the firm invested in efficient lighting company Metrolight.

Ofir Baharav, XJet's CEO, said, “For years Hanan Gothait, President and CTO, and I have been aspiring to combine our skills and create a meaningful company. Accelerating the adoption of solar-generated, environmentally friendly energy sources is a most worthy cause. We feel fortunate to receive the backing of such a prestigious investment consortium; this is a critical step towards realizing our mission”