Energy Technology Ventures (ETV), a $300m corporate venturing fund set up by three US-based corporations, has invested in the latest funding round by Emefcy, an Israeli water treatment company.
ETV, which is backed by conglomerate General Electric (GE), utility NRG Energy and energy company ConocoPhillips, was joined in the funding round by venture capital firms Pond Venture Partners, Plan B Ventures and Israel Cleantech Ventures. Terms were not disclosed, although news provider Globes reported the latest investment was worth $4m.
Globes reported last year Emefcy had raised $5m in a series A round then valuing the company at $10m. Globes also cited an IVC Online report which said Emefcy had previously raised $1m in seed financing from venture capital firms Israel Cleantech, Plan B Ventures, and private investors. This means the company has raised about $10m in aggregate.
GE is expanding its technology focus in Israel, the statement said, and this month the conglomerate opened a research and development centre, in the country’s port of Haifa.