NEWS

3GSolar received investment from Israel Electric Corporation (IEC)

3GSolar received an investment in the form of convertible loan from IEC, the largest electricity provider in Israel. IEC is committed to supporting promising energy related start-ups in Israel via its recently established KARAT technology incubation program. KARAT, an internal venture unit, named for the Hebrew acronym for “Accelerating Technological Ideas”, provides a framework of investment and support services to develop, advance, and commercialize innovative ideas in energy-related fields. This initiative follows the growing global need for solutions of “green” electric energy, lower energy costs, and higher system efficiency. Through the KARAT program, IEC has furthered their investment in 3GSolar and has offered significant industry recognition of 3GSolar’s achievements. “IEC has years of expertise in all types of power generation,” says Barry Breen, CEO of 3GSolar. “IEC’s highly professional team and facilities are valuable partners”. IEC representative on 3GSolar’s Board of Directors, Dr. Adrian Bianu, is actively involved with 3GSolar activities. Dr. Bianu, an expert in electrical systems, coupled with broad experience in power systems, electricity generation and managing strategic and R&D projects, brings a wealth of added value to the 3GSolar R&D team. Dr. Bianu joined IEC’s management in 1996 as Director of the R&D Division and recently established the IEC Innovation Center aimed at accelerating new technologies. For more information on IEC, see www.iec.co.il/EN/IR.

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