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.

BIRD Foundation invests in U.S.-Israel cleantech projects

The Israel-United States Binational Industrial Research and Development Foundation (BIRD Foundation) will invest $9 million in 12 joint projects between Israeli and US companies.

The BIRD Foundation promotes cooperation between Israeli and U.S. companies in various technology areas and assists in identifying strategic partners in both countries, in order to develop and commercialize novel technologies and products.

Four of this year's projects are cleantech-related:

(1) NanoReady Ltd. and Applied Nanotech will jointly develop conductive copper ink. Caesarea, Israel-based NanoReady develops, markets and manufactures nano particles from a wide variety of materials. By more seamlessly and efficiently integrating with and enhancing product manufacturing processes, NanoReady particles enable superior finished products, while also reducing energy consumption and processing time and cost.

(2) Oree Inc. and Intematix Corp. will jointly develop a planar illumination LED module. Oree, based in Ramat Gan, Israel, has received venture capital funding from Genesis Partners and Gimv. In November, Oree announced that it had secured a $4 million venture loan from Silicon Valley Bank (SVB) and Kreos Capital for manufacturing and the expansion of business development activities.

(3) Power Paper Inc. and GE GRC-Lighting will jointly develop a self-powered organic light-emitting diode (OLED) for lighting. Power Paper develops and markets technology applications that operate with the thin and flexible, environment-friendly micro-power source that the company has developed. In November, Power Paper raised $30 million from Apax Partners, Clal Industries and Investments and the Infinity Venture Capital Fund.

(4) Transiodiesel Ltd. and the NYSE-listed Rohm and Haas will jointly develop an enzymatic process for biodiesel production. Transbiodiesel Ltd. has patented technology on the use of unique immobilized lipases for the production of biodiesel from different oils, including plant oils, animal fats and recycled greases. In October, the AquAgro Fund acquired 23.5% of Transbiodiesel in return for a $1.5 million investment.

The BIRD Foundation said that it had received a record number of requests for funding in 2008. It expects that the trend will continue because of the global economic situation.

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