Oil Report

Israel Corp to invest $100 mln in electric car deal

JERUSALEM, Aug 26 (Reuters) - Holding company Israel Corp ILCO.TA said on Sunday its board had agreed to invest $100 million in an electric car venture.

Israel Corp would own 33 percent of the rights in the venture, which includes several investors and is being led by entrepreneur Shai Agassi, the company said in a statement. The total investment in the initial phase of the car venture will be $200 million, inlcuding Israel Corp’s $100 million investment, the company said.

Israel Corp said its participation in the venture is subject to due diligence as well as other conditions.

Agassi in March resigned as head of software products at German software maker SAP SAPG.DESAP.N to pursue interests in environmental policy and alternative energy resources.

Israel Corp owns stakes in chemicals, energy, shipping and semiconductor firms.

Its shares were up 2 percent in afternoon trade, in line with gains in the broader bourse.