Alstom SA (LSE: ALS; Euronext: ALO), Rotem Industries Ltd., and Gefen Biomed Investements Ltd. (TASE: GEFEN) will set up a joint venture, Horizon Ventures, to invest in renewable energy technology R&D programs. The companies will invest NIS 20 million in these ventures over the next three years.
Part of the investment in the venture will come from the Office of the Chief Scientist, and from Gefen's incubators, Ashkelon Technological Industries (ATI) and Meytav Technological Enterprises Innovation Center Ltd. in Tel Hai. Most of the investment will come from Alstom, through Alstom Israel, run by president Nissim Zvili, a former MK.
In a joint press release, the three companies said that Horizon Ventures will examine a wide range of renewable and alternative energy technologies, such as producing electricity through solar and wind energy, the storage of electricity generated by these methods, and innovative technologies to reduce emissions. The companies said that they were already examining several projects in these fields, and that a decision on investment would be made soon.
Alstom is a global energy, transport, and infrastructures company. It has $25 billion in annual sales and 75,000 employees in 70 countries.
Zvili told "Globes", "Alstom recently made a strategic decision that a company of its size should be more involved in renewable energy. A delegation of company executives visited Israel and was impressed by the innovations and creativity here. They showed interest in setting up a partnership in this area with other companies, which will give an opportunity for companies with great ideas to develop. There are experts in these fields who are examining ideas and proposals, and their feasibility."
Published by Globes [online], Israel business news - www.globes-online.com - on March 7, 2011
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