Seven Israeli climate tech start-ups received a combined more than $1.3 million in funding to further their efforts in addressing the pressing global climate crisis.
The awards, part of the start-up track of the Climate Solution Prize, were announced on Wednesday. Startup Nation Central and the Climate Solution Prize Organization led the start-up track.
“As a recognized leader in developing advanced solutions to global challenges, Israel is extremely well-positioned to take a central role in battling climate change and bringing solutions to the biggest shared challenge of our times,” said Startup Nation Central’s CEO Avi Hasson.
“The initiative, designed to award the best and brightest climate tech start-ups throughout Israel, provides access to investment, partnership opportunities with global MNCs [multinational corporations], and exposure… to global solution seekers, to promote scalable, sustainable solutions to pressing environmental challenges.”
The start-up track includes a $1 million equity investment by Capital Nature, a roadshow from Temasek Foundation, an incubation process with the Environmental Sustainability Innovation Lab (ESIL), and engagements with corporate business units from various relevant companies. In addition, Amazon Web Services and Deloitte will provide access and professional support to the start-ups.
The winning companies include Filo Systems for their data compression engines that provide optimized energy storage, Electriq for their powder hydrogen carrier, TIGI for its renewable heat and heat storage solutions, Nemo Nanomaterials for its industrially scalable nanotechnology solutions that enhance performance and improve the properties of industrial materials and products, Envomed for a machine that shreds and sterilizes medical waste, Biotic for enabling optimal transmission from fossil fuel plastics, and BaTTeRi for its EV Charging as a Service (CaaS) company.
“Along the way, we’ve learned that the approach of collaborating with start-ups is more successful than trying to find them ourselves,” explained Thomas Birr, chief strategy and innovation officer at E.ON. “We continue to put our trust in Israel’s hi-tech ecosystem.”
As per Startup Nation Central, Israel boasts over 800 climate tech companies spanning various sectors, including energy transition, cleaner industry tech, food and land use, carbon tech, transportation and logistics, and water solutions. Their 2022 ecosystem report highlights a growing trend, with climate tech’s portion of investments in the Israeli ecosystem rising from approximately 6% between 2019 and 2021 to 10% in 2022.
The Climate Solutions Prize is Israel’s most significant incentive prize.
“It is vital that we mobilize and inspire the best efforts and best minds so that we can proudly leave a better world for future generations to come,” said Jeff Hart, executive chair of the prize.
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