B. Gaon Holdings Ltd. (TASE: GAON) cleantech fund AquAgro Fund has made its second investment, investing $3.75 million in Computerized Electricity Systems Ltd. (CES). AquAgro declined to disclose the company value for the investment, but market sources believe that it was more than $10 million, before money.
CES's technology aims to replace the household electricity box, enabling the electricity utility to reduce the supply on the grid during peak house in a uniform and equitable way for all customers. The technology aims to avoid initiated blackout and brownouts of whole neighborhoods and areas during peak hours that exceed a utility's power production capacity.
AquaAgro made its first investment in January, investing $4 million in Advanced Desalination Technologies Ltd. AquaAgro has also set up Aqua Lab, which will invest in early-stage cleantech start-ups.
CES CTO Lulo Wittner founded the company in 2002. The Netanya-based company, managed by CEO Yaron Sheinman, has 15 employees in Israel, mostly R&D staff. A representative in the US handles business development. The company completed product development nine months ago.
AquAgro partner Hillel Milo said that CES has a large contract with a utility of a foreign country for the sale of several systems over the coming years.
Published by Globes [online], Israel business news - www.globes-online.com - on March 12, 2008