Alstom initiates energy-saving joint venture in Israel

French conglomerate Alstom has teamed up with Rotem Industries and Gefen Biomed Investments, two specialist technology firms in Israel, in creating a joint venture to finance start-ups in the field of renewable and alternative energy and energy-saving technologies.

Alstom will have a 50 per cent share in the joint venture, named Horizon, with Gefen holding 30 per cent and Rotem 20 per cent.

The new company will be based in Dimona, in the south of Israel.

Horizon is due to begin operations in April 2011 and aims to finance some ten business-incubation projects in three years.