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"

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”