News

March 5, 2001. Herzliya, Israel. Green Power Technologies, Ltd. (GPT) and Formula Ventures announced today the completion of the first round of financing. Financial details were not disclosed.

Green Power, a privately held company, was founded in early 2000 to provide the power conversion market with modular solutions that comply with exacting environmental regulations at economic costs. Green Power has developed innovative designs for advanced power conversion functions that meet worldwide concern for the environmental quality of the power line supplies. The company’s first product is a patent pending plug-and-play Active Power Factor Correction, providing a simple and low cost solution for reduction of power line current harmonic distortion, as mandated by such standards as IEC1000-3-2 or the European equivalent EN61000-3-2.

“The multi-billion power electronics market faces a trend of exacting standards, such as environmental regulations requiring power factor correction,” said Kobi Rosenwasser, Green Power’s Vice President of Marketing. “Green Power is the first company to develop innovative technologies for modular Active Power Factor Correction. The new approach enables economic solutions with “smart”, integrated, reliable, high-density and cost-competitive electronic components and modules”.

Green Power’s technology significantly reduces time-to-market and costs of electronic equipment. Green Power’s products have attracted the interest of the world’s leading power integrated circuits (IC) manufacturers. The company is currently discussing partnerships and alliances with leading semiconductor firms.

Formula Ventures was the sole investor in this financing round. “We are pleased to have been the first choice of Green Power in this round,” noted Moshe Shahaf, Partner at Formula Ventures. “Given the fund’s significant cumulative expertise in semiconductors, Green Power’s clear technological advantage and the market’s validation of Green Power’s technology and products, this is a natural addition to our portfolio”.

Green Power’s products are based on proprietary know-how and technology developed through years of research by Professor Shmuel Ben-Yaakov, former Chairman and Head of the Institute of Electronics of the Ben Gurion University of the Negev. Professor Ben-Yaakov, co-founder of Green Power, is a well-known researcher in the field of power electronics. The company’s founders and employees bring to Green Power their extensive experience in research, sales and marketing within the power electronics market, gained through strategic positions they have held in leading companies.

About Green Power Technologies Ltd.: 
Headquartered in Rehovot (Israel), Green Power is located in close proximity to the internationally recognized Weizman Institute of Science, as well as to a major high tech park and Israel’s international airport.

About Formula Ventures: 
Formula Ventures focuses on Israel-related early stage Information Technology investments, primarily in telecommunications and data communications infrastructures, Internet infrastructures and software. Formula Ventures’ portfolio is managed by a group of seasoned IT executives, headed by Managing Partner Shai Beilis. Formula Ventures’ strategy of ‘local source – global nurture’ leverages its network of strategic partners including VantagePoint Venture Partners in the US, UBS Capital in Europe and the Formula Group in Israel.

Moshe Shahaf, Partner Formula Ventures, Ltd.
11 Galgalei HaPlada, P.O.Box 2062, Herzliya, 46120, Israel
Tel: +972-9-960-1800 Fax: +972-9-960-1818
shahaf@formulaventures.com