Solar energy start-up DiSP raises $1.2m

The company is developing a solar power system for generating electricity.

Sources inform ''Globes'' that DiSP (Distributed Solar Power) Ltd. has raised $1.2 million at a company value of several million dollars in a financing round led by TN Ventures and Aurum Ventures MKI Ltd. The company previously raised $300,000 from the Office of the Chief Scientist, the EU Sixth Framework Progamme for Research and Development and $100,000 from SHAP - Solar Heat and Power SpA of Italy.

TN Ventures CEO Tamar Naor and Aurum owner Benji Kahn will join DiSP’s board.

DiSP is develop a solar power system for generating electricity, based on technology developed at Tel Aviv University. The system uses a parabolic mirror to concentrate solar rays to a focal point where photovoltaic cells are located. The system also exploits the heat generated from the rays, thereby increasing the energy efficiency. The heat is used for heating, steam power, and refrigeration.

DiSP CTO Prof. Abraham Kribus, a mechanical engineer, and CEO Dr. Daniel Kaftori, a chemical engineer, founded the company. The company’s experimental system has been installed at Tel Aviv University. The present investment will finance the building of an industrial-sized model.

Published by Globes [online], Israel business news - www.globes.co.il - on October 29, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018