Sources inform ''Globes'' that Yissum Technology Transfer Company of the Hebrew University of Jerusalem will allocate all proceeds from the exit of any portfolio company to cleantech ventures.
Yissum does not disclose its budget, but reportedly had $40 million revenue in 2006, including $30 million in royalties and $10 million from research agreements, which accrues to Hebrew University. The university then allocated 10-15% of this revenue back to Yissum. Allocations to cleantech projects will amount to several million shekels, constituting a hefty proportion of the company's total budget.
Yissum's 2007 budget is believed to have been considerably greater than the year before, thanks in part to exits by portfolio companies. Sources at Hebrew University said that Yissum's allocations will enable the chosen projects to reach the initial feasibility stage.
The sources added that a number of entities, including investment institutions and an agency of a foreign government, are interested in investing in Yissum cleantech projects. However, it is still unclear how the parties will share the investment.
Yissum president and CEO Nava Swersky Sofer declined to respond to "Globes'" questions.
Published by Globes [online], Israel business news - www.globes-online.com - on December 12, 2007
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