03 Feb 2009
Petach-Tikva, Israel, January 27, 2009 – 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.
For more information visit: www.brightview-sys.com.