Israel Cleantech Ventures raising $60 million

The fund is negotiating with European cleantech funds for a possible investment in a clean technology company.

Sources inform ''Globes'' that Meir Ukeles and Jack Levy, two Israelis with a definite Wall Street background, are raising $60 million for Israel Cleantech Ventures.

Ukeles said, “We launched venture capital activities in the water industry less than a year ago, although the financing round has been underway for less than two months. Prior to the round, we were busy mapping out the territory, carrying our pre-marketing.”

“Globes” first reported on January 30 that a growing wave of venture capital funding for water solutions, exceeding $300 million. Israel Cleantech Ventures is part of this wave. Ukeles and Levy predict that they will close financing by October-November. They already have pledges, which enable them to make a few million dollars in investments over the next couple of months. They said they were already examining possible investments.

At the International Agricultural Exhibition Agritech 2006 in Israel, which focused on water solutions, Ukeles and Levy met the heads of leading European cleantech venture capital funds to consider a specific deal.

Israel Cleantech Ventures will allocated 40% of its money for water technologies, 40% for alternative energy solutions, including motor engines, and 20% for recycling, environmentally friendly pesticides and other investments.

“The emphasis will be on seed-stage and first-round companies. Only a third of the companies will be at later stages,” said Ukeles. “We’re currently beginning examinations of eight to ten active companies, including graduates of incubators and non-incubator companies.”

Published by Globes [online], Israel business news - www.globes.co.il - on May 7, 2006

© Copyright of Globes Publisher Itonut (1983) Ltd. 2006

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