Energy Technology Ventures, a GE-NRG Energy-ConocoPhillips Joint
Venture, Invests in Israeli Wastewater-to-Electricity Company Emefcy
CAESAREA, Israel – June 14, 2011 – Energy Technology Ventures – a GE,
NRG Energy and ConocoPhillips joint venture – is making its first non-US and
first water-related investment by providing capital to Emefcy
Ltd, an Israeli company that can turn wastewater treatment from a huge energy
drain to an electricity generator.
Emefcy’s technology uses naturally
occurring bacteria in an electrogenic bioreactor to
treat wastewater. The organic material in the waste produces power and treated
water, transforming wastewater treatment from an energy-intensive,
cost-intensive and carbon-intensive process, into an energy-generating and
carbon-reducing process.
The benefits are both economic and environmental: Conventional
wastewater treatment uses 2 percent of global power capacity (80,000 megawatts
and 57,000,000 tons per year of carbon dioxide), costing $40 billion per year.
Rather than using conventional energy-intensive aerobic processes or
methane-producing anaerobic digestion to treat wastewater, Emefcy
harvests renewable energy directly from the wastewater and feeds it to the
power grid, enabling the energy-positive wastewater treatment plant. The
primary initial applications are for wastewater treatment in the food,
beverage, pharmaceutical and chemical industries, with total market potential
of US$10 billion annually.
Energy Technology Ventures was joined in the funding round for Emefcy by Pond Venture Partners, Plan B Ventures and Israel
Cleantech Ventures. Financial details were not disclosed.
“We will use Energy Technology Ventures’ investment to continue
development of our technology into full-scale commercial implementation by the
end of this year for municipal and industrial wastewater treatment,” said Emefcy’s CEO, Eytan Levy. “All
told, wastewater treatment is a US$100 billion industry, and our technology can
significantly reduce the economic and environmental costs.”
One of the partners in Energy Technology Ventures, GE, is active
in wastewater treatment and is expanding its technology focus on Israel, called
the “Silicon Valley of water technology.
Israel is an important center for innovation and scientific
discovery. GE this month opened its newest multi-disciplinary Research and
Development Center, in Haifa. A dozen researchers will be hired to evaluate and
work on clean energy, water and healthcare technology projects. The new Israel
Technology Center will facilitate the introduction of advanced technologies to
GE through partnerships with local technology companies and academia.
The GE investment was made through business unit GE Energy
Financial Services, which has made one other investment in an Israeli
technology company -- SolarEdge, a provider of smart,
holistic solar photovoltaic power harvesting and monitoring solutions for
maximum energy and cost efficiency. SolarEdge is
based in Hod Hasharon,
Israel.
About Emefcy
Emefcy www.emefcy.com was founded in
early 2008, by serial water technology entrepreneurs Eytan
Levy and Ronen Shechter, who also founded AqWise www.aqwise.com Marked as one of the most promising
water technology start-up companies, Emefcy is a
laureate of many technology leadership awards such as Guardian’s Cleantech 100,
Global Water Technologies top 10, Artemis Top 50 and more.
About Energy Technology Ventures
Energy Technology Ventures is a joint venture involving GE (NYSE:
GE), NRG Energy (NYSE: NRG), and ConocoPhillips (NYSE: COP) focused on the
development of next-generation energy technologies. Bringing together three
market-leading companies with a wide range of deep technical and financial
expertise, relationships, services and products, the joint venture invests in,
and offers commercial collaboration opportunities to, venture- and growth-stage
energy technology companies in the renewable power generation, smart grid,
energy efficiency, oil, natural gas, coal and nuclear energy, emission
controls, water and biofuels sectors, primarily in North America, Europe and
Israel. For more information, visit www.energytechnologyventures.com.
About GE Energy Financial Services
GE Energy Financial Services’ experts invest globally with a
long-term view, backed by the best of GE’s technical know-how, financial
strength and rigorous risk management, across the capital spectrum, in one of
the world’s most capital-intensive industries, energy. GE Energy Financial
Services helps its customers and GE grow through new investments, strong
partnerships and optimization of its US $21 billion in assets. GE Energy
Financial Services is based in Stamford, Connecticut. For more information,
visit www.geenergyfinancialservices.com.
About GE
GE (NYSE: GE) is an advanced technology, services and finance
company taking on the world’s toughest challenges. Dedicated to innovation in
energy, health, transportation and infrastructure, GE operates in more than 100
countries and employs about 300,000 people worldwide. For more information,
visit the company's Web site at www.ge.com.
Editor’s Note: LINK TO YOUTUBE VIDEO
Contacts:
Andy Katell, GE Energy Financial
Services
+1 203 961 5773
Ely
Cohen, Emefcy
+972
4 627 7555