Mobile device solar energy co Sol Chip raises $1m

IEC and a New York investment bank invested in the start-up.

Sol Chip Ltd., which is developing solar energy systems for electronic and mobile devices, has raised $1 million, half from Israel Electric Corporation's (IEC) (TASE: ELEC.B22) Keret Program, and the rest a New York-based investment bank and private investors. The company's patent-protected processors use solar energy to recharge the batteries of mobile and remote devices, extending the batteries' life and the device's independence, lowers costs, and reduces pollution.

Sol Chip previously raised over $1 million from the Office of the Chief Scientist and Trendlines International Ltd., through its Mofet Venture Accelerator.

Sol Chip VP business development and applications Rami Friedlander said that the company plans to supply its first processors to customers by the end of the year, and that it would begin sales to various industries in 2013, including wireless sensor systems and networks for agriculture, smart homes and smart cities, and RF-based electronic labels and location systems. These markets are projected to reach $1.2 billion in 2015.

Sol Chip CEO Dr. Shani Keysar said, "Sol Chip is growing rapidly, after achieving proof of concept and completing the design of its first product. The company is transferring the technology to the Fraunhofer Institute in Germany, which will be the first production site for supplying an order for hundreds of thousands of units, following the success of reliability tests."

Trendlines co-chairman and co-CEO Steve Rhodes said, "Sol Chip has been operating at the Mofet Venture Accelerator for three years, and has attracted great interest among major Israeli and foreign companies." He added, "Sol Chip's executives will make a presentation at the 3rd International Conference on Future Environment and Energy in India in December, sponsored by Tata Industries… The invitation is recognition of the company's uniqueness and will provide initial exposure to the growing renewable energy markets in Asia."

Published by Globes [online], Israel business news - www.globes-online.com - on September 2, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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