BusinessWeek has an indepth report on Israel’s strong solar power industry:
Israeli Solar Gets Its Moment in the Sun
Deals for companies by GE and Siemens give Israel’s solar technology new credibility and further its goal to become a leader in renewable energy
By Neal Sandler
BusinessWeek, November 2, 2009
On Oct. 15, German engineering giant Siemens made headlines by paying nearly a half-billion dollars for Israel’s Solel Solar Systems, a pioneer in solar thermal technology. Solel has spent two decades perfecting a system that uses mirror-lined troughs to capture the sun’s energy and drive steam turbines that produce electricity. With Siemens (SI) as a parent, Solel will have access to deeper pockets, world-class manufacturing, and vastly broader global distribution.
Almost lost in the hoopla was another deal the same day that also involved Israeli solar technology—but in this case, even more state-of-the-art. Startup SolarEdge Technologies, based just north of Tel Aviv in Herzliya, said it had secured a $23 million round of financing, the largest such infusion to date into Israel’s fledgling solar energy industry. SolarEdge is working on advanced technology to improve the efficiency of photovoltaic cells. Among its new funders: giant General Electric (GE), in its first direct investment in the local solar scene.
Vote of Confidence
Taken together, the moves by Siemens and GE were seen as a powerful vote of confidence in Israeli solar technology. With the global renewables industry booming and growing interest in Israel as a source of cutting-edge technology, SolarEdge and other companies hope to become major players in the energy sector. “Israel developed solar thermal, and now we want to harness our high-tech expertise to bring new solar technologies to the market,” says Guy Sella, the founder and chief executive of SolarEdge.
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