Oil Report

Israel Cleantech Ventures fund raises $75 million

TEL AVIV, May 5 (Reuters) - Israel Cleantech Ventures (ICV), a fund focused on “clean technology”, said on Monday it reached a final close of $75 million for its debut fund, exceeding its original target of $60 million.

ICV was established to provide growth capital to entrepreneurs in Israel’s energy, water and environmental sectors.

The fund is backed by institutional investors and family funds in Europe, the United States and Israel, including Netherlands-based asset manager Robeco Private Equity and U.S.-based financial institution Piper Jaffray.

ICV will invest in Israeli based or Israel related high growth clean technology companies, including alternative energy, water conservation and purification, emissions reduction, and in technologies that enable industries to work in a more efficient and environmentally friendly manner.

The fund has made seven investments to date: Aqwise (waste water treatment), CellEra (fuel cells), Citrine Renewable Energy (landfill biogas treatment), Emefcy (energy production from wastewater), Metrolight (energy efficient lighting), Project Better Place (electric vehicle infrastructure), and Pythagoras Solar (solar energy).

“Israel is an attractive market for water, technology and renewable energy,” Andrew Musters, partner at Robeco Private Equity said. (Reporting by Tova Cohen; Editing by Stephen Weeks)