Israel Cleantech Ventures invests $3m in CellEra and Citrine

CellEra develps fuel-cell power and Citrine converts biogas.

Sources inform ''Globes'' that Israel Cleantech Ventures Funds has invested $3 million in two start-ups: $2 million in CellEra Inc. and $1 million in Citrine Renewable Energy Ltd..

CellEra CEO Ziv Gottesfeld and VP R&D Dario Dekel founded the company in 2007. It is developing a disruptive technology promising to turn fuel-cell power sources into a mass-market commercial reality. IVC Online says that the company wants to increase the financing round. The company has five employees.

Citrine CEO Arnir Assa founded the company a year ago. It is developing systems to convert biogas generated by landfills, waste water treatment plants, and other sources into high-value natural gas, which can be used to power natural gas vehicles. The technology slashes emissions of greenhouse gases from landfills and sewage works, and also halves nitrogen oxide emissions by vehicles that use the fuel and cuts particulate matter emissions by more than 70%.

Israel Cleantech Ventures is the country's first specialized venture capital fund in this sector. It raised $60 million 18 months ago. Its general partners are Jack Levy, Glen I.A. Schwaber, and Meir Unkeles. The company declined to comment on the report.

Published by Globes [online], Israel business news - - on January 17, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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