Gov't allying with venture funds in cleantech - Haaretz

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Fri., November 02, 2007 Cheshvan 21, 5768

Israel Time: 02:01 (EST+7)

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Gov't allying with venture funds in cleantech

By Avi Bar-Eli

tags: venture capitalism, Israel

The Ministry of Infrastructure is considering the possible introduction of private venture capital funds as partners in its cleantech ventures, TheMarker has learned. The innovation will involve issuing a contract in order to choose a fund to finance green energy initiatives supported by the ministry, in exchange for a share in the efforts.

The ministry will form a team of technical and legal professionals to review the idea, and the team will submit its recommendations by mid 2008. The team will also review possible collaboration between the ministry and private technological incubators.

The ministry's tenders committee chose seven initial cleantech projects last month which are to be financed through the ministry's seed fund, Heznek. Minister of National Infrastructure Binyamin Ben-Eliezer (Labor) announced the establishment of the fund about six months ago. A total of NIS 7 million seed money investments have been allocated for the projects, of which Heznek will invest about half - up to NIS 500,000 per project. The purpose of the move under consideration is to increase total investment in the projects, as well as broaden investment options to include initiatives in more advanced stages of testing or business development.

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At the WATEC 2007 conference that ended yesterday, the ministry's director general Hezi Kugler said that the Ministry of Infrastructure is aiming for the supply of 5 percent of all electricity needs from renewable sources of energy by 2014, and 10 percent by 2020. It plans to produce 1500 megawatts from solar energy, 400 megawatts from wind energy, and 100 megawatts though biomass technology.

Kugler added that the future of the Israeli energy market lies in solar energy, as the only thing that can solve the problem of dependence on imported fossil fuel and natural gas. Kugler noted that the initial contract for the Eshalim solar energy plant would be publicized in early 2008, and there are plans to announce the winners by the end of next year.

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