BIRD Foundation Announces $4.2 Million Investments in Cooperative Clean Energy Projects

TEL AVIV, Israel, August 19, 2010 /PRNewswire/ -- The BIRD Foundation will invest $4.2M in five clean energy cooperative projects, between U.S. and Israeli companies, under its "BIRD Energy" program. "BIRD Energy" was established following an agreement between the U.S. Department of Energy/EERE and the Israeli Ministry of National Infrastructure (MNI) to promote U.S.-Israel cooperation in clean/renewable energy technologies.

The U.S. - Israel Energy Cooperation Program was authorized in the Energy Independence and Security Act of 2007, and was approved by the Israeli Government in 2008. This program was launched last year through the Binational Science Foundation (BSF), which administers cooperation in the Academic area and the Binational Industrial Research and Development Foundation (BIRD), which administers cooperation in the industrial area.

Projects that can be submitted to BIRD Energy are those between U.S. and Israeli companies, or collaborations between a company and a research institution aiming to develop and commercialize renewable energy and energy efficiency technologies.

Dr. Eitan Yudilevich, Executive Director of the BIRD Foundation, said "The importance of renewable energy is far more significant given the oil spill in the Gulf Coast. In his speech to the nation, President Obama stressed the need for energy policy that will develop alternative energy sources and will minimize the dependence on oil. At the same time, the Government of Israel is developing a program to further develop oil substitutes. The U.S.-Israel Binational Foundations will be a main mechanism to promote collaborations between the two countries."

The five projects selected for award help address critical shared bilateral energy-related goals, and will leverage private sector cost-share for a total project value of $12.8 million:

    - HCL CleanTech Ltd., Tel Aviv, Israel and Virent Energy
      Systems, Madison, Wisconsin: will develop and test a process to produce
      biogasoline from cellulosic non-food sources.
    - IQwind Ltd., Bazra, Israel and Ricardo, Inc., Detroit, Michigan
      will design, test, and commercialize a variable ratio wind turbine
      gearbox.
    - OMAT Ltd., Jerusalem, Israel and General Dynamics Ordnance and
      Tactical Systems, Inc., Scranton, Pennsylvania will develop and
      implement a system to monitor, control, and economize energy
      consumption in metal machining industries.
    - Panoramic Power, Ltd., Kidron, Israel, and Mazzetti Nash Lipsey
      Burch (MNLB), San Francisco, CA will develop and pilot self-powered,
      wireless current sensor that will facilitate load management strategies
      in commercial buildings.
    - Ram Power, Ltd., Herzliya Pituach, Israel and Turbine Air System
      (TAS), Houston, TX will develop, engineer, and commercialize an
      integrated cycle power block that will improve the efficiency of solar
      thermal power plants and reduce the need for water cooling.

About the BIRD Foundation (http://www.birdf.com)

The BIRD (Binational Industrial Research and Development) Foundation works to encourage cooperation between Israeli and American companies in the various areas of technology, and provides assistance in locating strategic partners from both countries for developing joint products. During its 33 years, the BIRD Foundation has invested in more than 800 projects, which have yielded direct and indirect revenues of about $8 billion. The BIRD Foundation supports projects without receiving any rights in the participating companies or in the project itself. The financial assistance is repaid as royalties from sales. The Foundation provides support of up to 50% of a project's budget, beginning with R&D and ending with the initial stages of sales and marketing. The Foundation shares the risk and does not demand that the investment be repaid if the project fails to reach the sales stage.

    Contact:
    Dr. Eitan Yudilevich
    Executive Director of the BIRD Foundation,
    +972-52-6656902

SOURCE BIRD Foundation