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.

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”

Greylock, Israel Cleantech establish joint venture

Greylock Partners and Israel Cleantech Ventures are reportedly establishing a platform to invest in the cleantech industry. The new venture, called CleanStart, will focus on investment in early-stage start-ups and ideas developed within Israeli academia, covering a range of sectors including clean energy, water technologies, and energy effiency.

In 2006, Greylock Partners, a leading U.S.-based venture capital fund, launched Greylock Israel, a separate $150M fund dedicated to investing in early-stage Israeli technology companies.

Israel Cleantech Ventures focuses exclusively on investments in Israel-related companies developing technologies in renewable and alternative energy, water resource and waste water treatment, “smart-grid” and process efficiency technologies, pollution monitoring and mitigation and “green” agriculture. It is raising a $60 million fund and has already invested in lighting solutions company Metrolight Ltd. According to "Globes", the fund is due to make three further investments in the coming weeks.