AquAgro, a venture capital fund formed in 2007 to focus on Israel’s water and agriculture technologies, has invested $3.75 million in Netanya-based start-up Computerised Electricity Systems (CES). According to Globes, “CES’s technology aims to replace the household electricity box, enabling the electricity utility to reduce the supply on the grid during peak house in a uniform and equitable way for all customers. The technology aims to avoid initiated blackout and brownouts of whole neighborhoods and areas during peak hours that exceed a utility’s power production capacity.”
CES was formed in 2002 by CTO Lulo Wittner and is the second cleantech start-up to receive investment by AquAgro; Advanced Desalination Technologies Ltd received $4 million in January. The fund, which is part of B. Gaon Holdings Ltd. (TASE: GAON), has set up Aqua Lab which will continue to invest in early-stage cleantech start-ups.
CES is managed by CEO Yaron Sheinman, has 15 employees, completed product development nine months ago and already has a large contract with a utility of a foreign country for the sale of several systems over the next few years.
See the full Globes article more info.
Filed under: Cleantech | Tagged: advanced desalination technologies, aquagro, computerised electricity systems, electricity, gaon holdings, lulo wittner, yaron sheinman
[...] as follow-on funding for current portfolio companies. Despite the downturn, a few new funds, like AquAgro, SCPVitalife and MGIC have been successful in raising new [...]