Monday, September 24, 2007
Heznek Fund: Startupists Needed
The Ministry of National Infrastructures approved investments in eight renewable energy projects as part of its own Heznek Fund. The fund, established in April, will make initial investments in start-ups deemed economically feasible. 18 projects were submitted to the Ministry of National Infrastructures. Of the eight projects chosen, the ministry will provide financing at this stage for seven. The total investment in these projects is NIS 7 million, of which the ministry will provide half, and the entrepreneurs will have to provide matching funds. The ministry’s maximum investment in a project is NIS 500,000. Ministry of National Infrastructures director general Hezi Kugler will head a ministry team that will oversee the projects.
The Ministry of National Infrastructures’ Heznek Fund is basically a pre-seed investment fund designed to help entrepreneurs get their projects off the ground and to see whether they have potential. The ministry hopes that the successful projects will obtain further investment from other public and private entities, such as the Ministry of Industry, Trade and Labor’s Office of the Chief Scientist and venture capital funds.
The Ministry of National Infrastructures said that the projects selected for investment include the generation of electricity from biowaste, a control system for improving solar power efficiency, and a control system for photovoltaic systems.