The company will use the money to set up a commercial pilot of its energy from sewage technology.
Sources inform ''Globes'' that energy from sewage solutions developer Emefcy Bioenergy Systems Ltd. has raised $5 million at a company value of more than $10 million, after money.
UK investment fund Pond Venture Partners led the round, joined by current Emefcy investors Israel Cleantech Ventures Funds and Plan B Ventures. According to IVC Online, Emefcy had previously raised $1 million in seed financing from Israel Cleantech, Plan B Ventures, and private investors.
Emefcy CEO Eytan Levy and CTO Ronen Shechter co-founded the company, and reportedly invested their own money in it, which they had obtained from the sale of 11% of their previously founded start-up, Aqwise Wise Water Technologies Ltd. to Israel Cleantech for $1.1 million. They are also the company's largest shareholders.
Emefcy's technology uses microbial fuel cells to produce electricity or hydrogen from wastewater, by utilizing waste dissolved in water as a source of energy. The company estimates its target market at $100 billion a year.
Levy told "Globes", "The capital raised will help us set up a commercial pilot. We've already established laboratory pilots on increasingly larger scales. Progress to a commercial pilot is based on the successful results of the laboratory pilots."
Published by Globes [online], Israel business news - www.globes-online.com - on May 10, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010
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