France’s Alstom Enters Joint Venture to Invest in Israeli Cleantech Technology

Alstom's light rail train for JerusalemAlstom, which is providing the trams for the Jerusalem Light Rail project, will invest in Israeli cleantech

The French energy company Alstom, which recently acquired a 10% stake in the solar company BrightSource, is embarking on another green project in Israel, TheMarker reported this week. In a joint venture with Rotem Industries (the business arm of the Dimona nuclear research center) and Gefen Biomed Investments, Alstom will support technology startups in the field of clean energy.

Under the memorandum of understanding signed between the partners, Alstom will have a 50% share in the new enterprise, with Gefen holding 30% and Rotem 20%. Gefen operates the ATI technology incubator in Ashkelon, but it is not clear whether the joint venture will be established as part of the incubator or as a separate company.

Alstom employs some 96,500 people in over 70 countries, and recorded sales of over €23 billion during the past year. It has been operating in Israel for over a decade, working on energy and infrastructure projects for customers such as Israel Railways and Israel Electric Corporation. Alstom is providing the fleet of vehicles for the Jerusalem Light Rail project.

The president of Alstom’s Israeli branch, former Labor Party MK and ambassador to France Nissim Zvili, said this week that Alstom began to examine the field of cleantech in Israel following a visit last year by an R&D team from the parent company.  “We looked for potential partners. Rotem contacted us and this seemed to us to be an interesting match,” Zvili said.

:: TheMarker

Image via Alstom

See more on Israeli cleantech:

Luz Rises Again as BrightSource for California
BrightSource, Alstom Partner on Solar Thermal
How Israel’s Military Secrets Translate to Clean Technology

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