IQwind, an Israel-based start-up developing variable gear technology that improves the energy generation efficiency of wind turbines, has raised $500,000 from ISRAEL G-TEK LLC, according to an announcement by the U.S.-based investors.
IQwind received a first round of investment from Terra Venture Partners in 2007.
Sami Shiro and Uri Benhamron, principals at ISRAEL G-TEK, explain that the investment in IQWind is part of their “plan to create a balanced portfolio of greentech companies with a special focus on Israel as a breeding ground for technology.”
IQWind’s product has the ability to function as a replacement part for existing turbines, as well as a main component for new turbines. The technology is so disruptive, according to ISRAEL G-TEK, that further applications are also being considered in other markets such as automotive and mining.
ISRAEL G-TEK‘s investment in IQWind is part of a financing round to implement a full scale pilot for the Israeli company.
Gideon Ziegelman is the co-founder and CEO of IQWind, and Nimrod Eitan is the company’s co-founder and CTO.
This article first appeared on Jonathan’s blog, CleanTech Israel