Sources inform ''Globes'' that Israel Electric Corporation (IEC) (TASE: ELEC.B22) has invested NIS 2 million in cleantech lighting solutions developer Bright LED Ltd. This is the ninth investment by IEC's technologies ideas promotion unit.
Bright LED CEO Rami Mirski founded the company in 2009 at the HiCenter incubator in Haifa. The company is developing a LED street lighting solution that solves the problem of heat dispersion, thereby greatly improving energy use and slashing electricity consumption.
Bright LED previously raised NIS 4 million from HiCenter and the Office of the Chief Scientist.
"Collaboration with IEC demonstrates the advanced stage of the company's technology," says Mirski. "The investment is strategically important for the company, and will enable technology collaboration and applying it in future projects." Bright LED will test its solutions in IEC laboratories and field tests.
Bright LED is conducting a pilot of its street lights in a major Israeli city, and it will soon conduct trials in cities in Europe and the US. The company signed its first cooperation agreement with LED maker Philips Lumileds Lighting Company.
IEC founded its technologies ideas promotion unit in 2009. "Bright LED's technology makes a significant contribution to energy savings in street lighting," IEC VP strategic resources Dr. Adrian Biano, who is responsible for the technologies ideas promotion unit, told "Globes". "We see potential in the company's technology."
IEC's technologies ideas promotion unit invests NIS 2-2.5 million in each company. Biano said that IEC plans to invest NIS 40 million in 25 companies by 2015.
Published by Globes [online], Israel business news - www.globes-online.com - on November 7, 2011
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