BASF mulls collaboration with Israeli technology companies

BASFs venture capital arm will be responsible for investments in Israeli companies or agreements with them.

Sources inform ''Globes'' that BASF AG (NYSE:BF; LSE:BFA; DAX:BAS; SWX:AN) is considering investing in Israeli technology companies or conducting joint R&D with them under strategic agreements.

BASFs venture capital arm will be responsible for investments in Israeli companies or agreements with them. BASFs new corporate investment arm, WRL Ventures, which represents the company in Israel, will seek suitable companies.

According to IVC Online, WRL Ventures is looking for companies developing future materials, alternative energy (fuel cells, biomass fuels, and solar energy), nanotechnology, biotechnology, and greentech related to chemical compounds and organic electronics.

BASF is prepared to invest in companies in various growth stages. WRL Ventures is interested in companies ranging from seed through product sales stages. WRL Ventures is run by managing director Udi Cottan-Katzin, a graduate of INSEADs MBA program.

In 2001, BASF founded a corporate VC arm, BASF Venture Capital GmbH, which invests in companies worldwide, as well as in specialist venture capital funds. BASF has 42.7 billion in sales, and 81,000 employees. The company has five core businesses: chemicals, plastics, biotechnology, oil and gas, and agriculture and food industry products.

Cottan-Katzin confirmed the report.

Published by Globes [online], Israel business news - www.globes.co.il - on May 8, 2006

Copyright of Globes Publisher Itonut (1983) Ltd. 2006

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