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Evogene and Orfuel obtain a $1M grant from the BIRD foundation for financial support of a joint project in the field of alternative energy

     
December 20th, 2007

On December 19 , 2007 Evogene Ltd. (TASE: EVGN) and Orfuel Inc, a US subsidiary of Ormat Industries Ltd (TASE:ORMAT), signed an agreement with the BIRD Foundation (Israel-US Binational Industrial Research and Development Foundation) to obtain a grant from the foundation for financial support of a joint project of Evogene and Orfuel in the field of alternative energy. A principle approval for the grant was obtained on July 25th, 2007.

The Evogene and Orfuel joint project is aimed at providing substantially improved feedstock sources for biodiesel production. The companies collaborate to develop non edible plants, displaying improved oil yield and capable of being grown in non arable lands, thus addressing the key problems facing the industry. In addition to the other benefits, these plants are expected to significantly decrease feedstock costs for biodiesel production.

The parties obtained an approval for a one million US dollars grant from the BIRD foundation, which constitute half of the initial budget allocated to the project. The project is expected to last three years.

The BIRD Foundation works to encourage cooperation between Israeli and American companies in various areas of technology. The BIRD Foundation supports projects of up to 50 percent of a project’s budget without receiving any rights in the participating companies or in the projects themselves. The financial assistance is repaid under the terms and schedule of the agreement with the foundation; however the foundation does not demand that the investment be repaid if the project fails to reach the sales stage. The BIRD Foundation works in full cooperation with the Chief Scientist’s Office at the Ministry of Trade, Industry and Employment in Israel, and with the U.S. Commerce Department’s National Institute of Standards and Technology (NIST).

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