Start-up Phoebus Energy Ltd., which develops cost saving water heating technologies for large central heating systems, for hospitals, hotels, swimming pools and the like, has raised $1 million from the Galilea Fund, a private investment fund. Phoebus Energy, which was founded in August 2007, plans to raise $3 million in the current round of fund raising. The company has raised $2.1 million from Terra Venture Partners, which is focused on cleantech, in an eearlier funding round.
Terra is also expected to invest in the current fund raising round. Phoebus Energy is also negotiating with other strategic foreign investors, mainly in Europe. The current investor, Galilea, is a strategic consultancy firm with representatives in Europe and Israel, and is managed by Lior Shilat, who served in the Prime Minister's Office as a director of the division for coordination, follow-up and control during Ariel Sharon's government.
In recent months, Phoebus Energy has installed systems at eight sites in Israel and is negotiating with several hotel chains and hospitals in Israel and abroad for the installation of its systems.
Published by Globes [online], Israel business news - www.globes-online.com - on June 9, 2009
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