The firm expects private customers
will soon be able to generate electricity and sell it to
Merav Ankori 5 Mar 08 15:26
Photovoltaic energy system integration company SolarPower
Israel Ltd. has raised $1.1 million at a company value
of a few million dollars from
Precede Technologies Ltd. and Rosenram
Development Ltd. The company plans to use the funding
to expand its business in Israel and internationally.
SolarPower mainly distributes technology of Japan's Kyocera
Corporation (NYSE: KYU; TSE: 6791), the world' second largest
manufacturer of photovoltaic power cells. SolarPower co-CEOs
Avinoam Levy and Alon Tamari founded the company in 2003.
The company anticipates rapid growth in Israel's photovoltaic
energy market following an update to the Electricity Regulations
to allow the government to buy electricity generated by
solar energy systems installed at businesses, commercial
enterprises, and private homes at nearly four times the
rate of electricity generated by usual means.
Tamari said, "The decision by the Public Utilities
Authority (Electricity) to approve financial incentives
greatly boosts the viability for the installation of solar
power systems." He added that the company had a few
million dollars in sales in 2005, and has subsequently had
30-50% annual growth, in line with the growth of the solar
power market. He said that the company has been profitable
Precede Technologies partner Nimrod Goor said, "This
investment is significant not only financially, but also
at the strategic level." He predicts that the new regulations,
which will boost the use of photovoltaic energy systems,
will be approved within months.
SolarPower's customers include global high-tech companies
operating in Israel, such as Hewlett Packard Co. (NYSE:
HPQ), Intel Corp. (Nasdaq: INTC), and Applied Materials
Inc. (Nasdaq: AMAT), which are examining the installation
of photovoltaic energy systems, irrespective of the pending
government subsidiaries. Private customers include people
seeking to benefit from the subsidies by installing the
In Africa, SolarPower is installing photovoltaic energy
systems for telecommunications networks in areas with no
link to electricity grids.
Precede Technologies is a joint entrepreneurship and investment
company owned by Pitango
Venture Capital and Evergreen
Venture Partners. Rosenram is a business development
and investment house founded by Dr. Joshua Rosensweig and
Published by Globes [online], Israel business news - www.globes-online.com
- on March 5, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd.