China's ET Solar seeks Israeli investment

Identity Ventures brokered ET Solar's entry to Israel.

Chinese photovoltaic systems manufacturer ET Solar Group Corporation is launching activity in Israel. Sources inform ''Globes'' that the company plans to invest about $25 million in technology to improve photovoltaic panels.

ET Solar's Israeli representative is Rafi Kirshenboim, who previously managed high-tech companies, such as Ventura Communications Internet Israel Ltd. (VCI) and Silver Helmet. He has extensive business interests in China.

Identity Ventures brokered ET Solar's entry to Israel. Kirshenboim is a shareholder in Identity Ventures, is a global holding company, which is described as a US-Israeli-Chinese-Taiwanese firm. Identity Ventures decided to enter the solar energy business in Israel and other countries, and hooked up with ET Solar for this purpose. Kirshenbaum will manage operations in Israel for percentage of sales for Identity Ventures.

ET Solar considers Israel as an important target for activity, and has plans for the planned solar energy plant at Ashelim. Kirshenboim said, "If the tender is held, the supply of the solar panels has not been closed yet," implying that the project, which has been delayed in bureaucratic red tape, may never get off the ground.

ET Solar hopes to achieve the same market share in Israel that is has in Spain, 16-17% of annual photovoltaic solar panel sales. Kirshenboim said, "20 megawatts of solar panel capacity have been sold in Israel to date, and we've accounted for 3.5 megawatts." He predicts that the company will sell solar panels for the production of 50 megawatts by 2012.

Published by Globes [online], Israel business news - - on November 25, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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