Israeli Solar Gets Its Moment in the Sun
BUSINESS WEEK - 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.
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.
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