Cleantech co EER raises $3.5m

The environmentally-friendly waste disposal company was valued at $130 million.

Cleantech company Environmental Energy Resources Ltd. (EER), controlled by Urdan Industries Ltd. (TASE: URDN), and Shrem Fudim Kelner & Co. (TASE: SFK) has raised $3.5 million in a private placement of 2.8% of its share capital, at value of $130 million. The investors have a 30-day option to purchase a further 1.5 million shares.

SFK chairman Itschak Shrem said, "The latest investment amounts to a further vote of confidence in EER's technology and its groundbreaking solution for treating municipal, medical and low level radioactive waste."

EER develops plasma gasification melting (PGM) technology for treating waste. The company was founded in 2000 and its technology is based on a method developed by an existing facility in Russia for the treatment of municipal solid waste, medical waste, and low and intermediate level radioactive waste. In March, EER opened a technology demonstration facility near Shfaram, outside Haifa, which is testing the company's thermal, environmentally friendly method for treating municipal solid waste.

Published by Globes [online], Israel business news - - on October 17, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

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