The Arava Group recently won a tender from the Ministry of Industry, Trade and Labor to establish and operate the center.
BGU, represented by BGN Technologies, the University’s technology transfer company, has joined the group commitment to invest in the long-term development of industry in the region.
The group includes industrial leaders such as Elbit Systems, Rafael and Ormat; leading investment companies, including ProSeed Venture Capital Fund, Direct Insurance Group and the Consensus Business group; academic and research groups such as the Arava Institute and Eilat-Eilot Renewable Energy Authority; private management groups and regional municipalities.
The Arava Group has been entrusted with the mandate to encourage technological initiatives related to production and improvement of renewable and alternative energy systems.
Aid provided will encourage the development of start-ups from the initial stage through research and development until feasibility is achieved.
The government and the group will each invest half of $30 million over a five-year period.