BrightView Ltd., an Israel-based developer of production technology for photovoltaic solar-cells, has raised $6 million in Series A funding. Backers include Israel Cleantech Ventures and Hasso Plattner Ventures.
BrightView Ltd. announced today that it has recently finalized a $6 million A round of financing and that Mr. Eyal Harel, formerly Orbotech’s Co-President, has joined the Company’s Board as Chairman.
Israel Cleantech Ventures (ICV) financed the company in mid 2008 and was joined thereafter by Hasso Plattner Ventures (HPV) to co-lead the round. Glen Schwaber, partner at ICV, has joined the Company’s Board.
“BrightView is focused on perfecting the production process of photovoltaic-based solar-cells,” said Benny Shoham, BrightView’s co-founder and CEO. “Our tools are designed to deliver a solution suite that uniquely addresses some key production gaps while optimized to meet the particular needs of the most advanced solar-cells manufacturers. The current investment will enable us to introduce our first solution to the market during 2009.”
According to the latest annual report by PHOTON Consulting, an internationally recognized solar research firm and consultancy, the solar power sector will continue its rapid ascent with a forecasted CAGR of 68% between 2007 and 2012 in energy module production output terms. The report, entitled ‘Solar Annual 2008: Four Peaks’, forecasts that the solar systems revenue will expand from $27bn in 2007 to $274bn by 2012, driven by an expanding supply of silicon, increased efficiency of silicon use, and the expansion of thin film production.
“Headquartered in Potsdam (Germany), Hasso Plattner Ventures is well positioned to support BrightView’s access to the European market and particularly to Germany, which is by far the most developed solar photovoltaic market in the world today, both in solar deployments and in investments in advanced photovoltaic production,” said Eran Davidson, President and CEO of Hasso Plattner Ventures. “We believe that BrightView is addressing an essential key segment that is still insufficiently developed in the photovoltaic industry’s value chain.
“BrightView exemplifies our strategy of investing in entrepreneurial teams that leverage Israeli technology knowhow to solve major bottlenecks in cleantech markets,” noted Glen Schwaber, Partner at Israel Cleantech Ventures. “The company’s competitive advantage stems from applying Israel‘s recognized leadership in the Semiconductor and Flat Panel Display industries to the growing market for solar process equipment.”
About BrightView Systems
Founded by an experienced, highly-motivated and creative team, BrightView focuses on the production technology of photovoltaic solar-cells. Leveraging on the company’s breakthrough patented technology, BrightView’s solutions are designed to enable solar-cell manufacturers to maximize production efficiency. Implementing BrightView’s solutions will lower the $/w production costs and will therefore accelerate the solar industry’s roadmap towards grid parity. BrightView – Perfecting solar energy production.
For more information visit at: http://www.brightview-sys.com
About Eyal Harel (BrightView’s Chairman of the Board)
Eyal Harel, veteran in the production capital equipment industry has joined BrightView, as the Chairman of the Board, a roll that he holds also in several other companies. In 1988 Eyal joined Orbotech Ltd. (previously Orbot) a public company traded on NASDAQ (ORBK) and a world leader in yield enhancement solutions for the Printed Circuit Board and Flat Panel Display (PCB and FPD) industries. In his last position at Orbotech Eyal served as co-president of the company (2002 to 2006). Eyal holds an MSc in computer science from the Weizmann Institute and a BSc in physics and computer science from Bar-Ilan University.
About Hasso Plattner Ventures (HPV)
Hasso Plattner Ventures is a German-based Venture Capital fund. The fund finances and supports innovative companies which have the potential to become global leaders. HPV currently manages two funds and is focused on investments in the fields of IT and Cleantech throughout Europe and Israel. The fund has 180 million Euro under management. Since its establishment, in 2005, the fund has invested in 13 portfolio companies. SAP co-founder Prof. Hasso Plattner provided the lion’s share of this investment capital; other investors are InvestitionsBank of Brandenburg, CMEA Ventures (USA), Shai Agassi and Arnon Katz. HPV group includes an affiliate fund – HPV Africa – which focuses on IT and Cleantech investments with a social impact on the society.
For more information visit at: http://www.hp-ventures.com
About Israel Cleantech Venture (ICV)
Established in 2006, Israel Cleantech Ventures (ICV) is the first venture capital fund dedicated to providing value added growth capital to exceptional entrepreneurs building Israel‘s energy, water and environmental technology leaders. The fund has $75M under management and to date has invested in nine portfolio companies.
ICV investment professionals combine significant experience in building technology companies with deep industry understanding gained through decades in senior management positions at Israel’s most prominent cleantech companies. The team has an extensive network in Israeli and global cleantech and VC communities, providing superior access to the flow of emerging companies as well as the critical tools to help those companies flourish in the global marketplace.
For more information visit at: http://www.israelcleantech.com