Israel Electric Corporation (IEC) (TASE: ELEC.B22) is continuing its efforts to enter the solar energy industry. Sources inform ''Globes'' that the company is in talks with renewable energy company MST founded by former Arrow missile developer Dov Raviv. The two sides recently agreed on the launch of a joint pilot at one of IEC's power plants.
MST is promoting a groundbreaking venture aimed at increasing the rate of electricity production using photovoltaic cells. The technology that MST is promoting is said to be able to reduce the cost of building a solar energy power plant to $850 per kilowatt peak, a price that is similar to electricity production from fossil fuels.
As first reported by "Globes", IEC has already agreed a collaboration with Solel Solar Systems Ltd. on the building of a large solar power plant in Spain. IEC will probably provide planning and engineering services for the project, and may even play a role in its operation.
IEC said in response that it has held a number of meetings with MST representatives. "We will not be making announcements to the public or regulatory authorities until an agreement is signed," said an IEC spokesperson.
Published by Globes [online], Israel business news - www.globes-online.com - on August 5, 2008
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