EnStorage raises $2m

The company is developing a regenerative fuel cell energy storage system.

Sources inform ''Globes'' that Israeli cleantech start-up EnStorage Ltd. has completed a $2 million financing round from Greylock Partners, Canaan Partners of the US, and Siemens Venture Capital GmbH. This is Greylock and Canaan Partners' first investment in an Israeli cleantech company.

Greylock marked cleantech two years ago, and after a thorough study of the sector, has moved from theory to practice.

EnStorage CEO Eran Yarkoni, CTO Prof. Emanuel Peled, and VP R&D Dr. Arnon Blum founded the company a year ago. The company is based on Peled's research. The company is operating in stealth mode and has no website. According to IVC online, it is developing a low-cost regenerative fuel cell energy storage system for leveling power grid load and for firming the production capacity of solar and wind power generation plants.

Published by Globes [online], Israel business news - www.globes-online.com - on January 29, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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