BP seeks more Israeli cleantech investment

BP exec Justin Adams: Cleantech funds are beginning to do interesting things in Israel.

The investment in thermosolar solutions manufacturer Luz II Ltd. by BP plc (NYSE; LSE: BP) has whetted the appetite of British energy giant for more Israeli companies. "We want to invest in clean energy and in joint ventures with venture capital funds," BP director of long term technology Justin Adams told "Globes" in an excusive interview.

Adams made his first visit to Israel. He is a symbol of the potential that BP sees in the country. He says, "It's premature to talk about concrete plans to invest in Israeli companies because we've only just begun to take a serious look at them. We also want to collaborate with Israeli venture capital funds. We're at the preliminary stage of examining the Israeli market, both in terms of technology to invest and, of course, in terms of collaborations. Cleantech funds are beginning to do interesting things in Israel, and I intend to return to continue examining the industry."

BP supplies fuel products for transportation, heating, and lighting, as well as industrial fuel products. The company posted a net profit of $22 billion on $284 billion revenue in 2007, and has nearly 100,000 employees in 29 countries.

Adams attended celebrations in Jerusalem for investors, suppliers, and potential customers by Luz II and its parent company, BrightSource Energy Inc. of the US. This was the big day for Luz II, which after many efforts, together with BrightSource, finally inaugurated the commercial pilot of its thermosolar system at Ashelim near Dimona in the Negev, which will produce a few megawatts of electricity.

Luz II founder and chairman Arnold Goldman said at the ceremony, "I feel that we've successfully completed a long and complex pregnancy, as if for twins, in giving birth to this new power center."

Representatives of Morgan Stanley, which has invested in Luz II, were also present at the ceremony.

Published by Globes [online], Israel business news - www.globes-online.com - on June 22, 2008

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

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