Israel Corp. Unveils Solar-Powered Car and Targets Renewable Energy Expansion

Strategic Insights -

Israel Corp., a major Israeli company, has taken a significant step towards renewable energy with the unveiling of a car fueled by solar energy at the Eilat-Eilot International Renewable Energy Conference & Exhibition. The event marks a major milestone for Israel Corp.'s IC Green Energy unit, which has partnered with Better Place LLC, an electric car venture, to develop the solar-powered vehicle. As part of this initiative, IC Green Energy aims to inject 2 megawatts of green electricity into the national grid by the end of the second quarter of 2010.

Key Takeaways:

  • IC Green Energy, a unit of Israel Corp., unveiled a car fueled by solar energy at the Eilat-Eilot International Renewable Energy Conference & Exhibition.
  • The car will be developed by Better Place LLC, an electric car venture in which Israel Corp. has a 33 percent stake.
  • IC Green Energy CEO Dr. Yom Tov Samia emphasized the synergy between the companies and the feasibility of using clean electricity for daily needs.
  • IC Green Energy plans to put 2 megawatts of green electricity into the national grid by the end of the second quarter of 2010.
  • Better Place aims to supply electric vehicles with rechargeable batteries starting from 2011.
  • Major companies, including Amdocs Ltd., Teva Pharmaceutical Industries Ltd., and Bezeq Israel Telecommunications Company Ltd., have signed cooperation agreements to supply fleets for employees.
  • Israel Corp.'s stake in Better Place highlights its commitment to renewable energy and sustainability.

Statistics:

  • 2 megawatts of green electricity to be injected into the national grid by the end of the second quarter of 2010.
  • 33 percent stake of Israel Corp. in Better Place LLC.
  • 2011 as the target year for starting the supply of electric vehicles with rechargeable batteries.
  • Number of major companies signing cooperation agreements with Better Place LLC: 3 (Amdocs Ltd., Teva Pharmaceutical Industries Ltd., and Bezeq Israel Telecommunications Company Ltd.).

Sources:

  • "Israel Corp. unveils solar-powered car." Globes. 16 Feb. 2010.
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