US and Israel to expand BIRD Foundation
The foundation’s capital is expected to double to $220 million.
Ran Dagoni, Washington 25 Jun 07 12:23
The US and Israeli governments will probably greatly expand their support for the Israel-United States Binational Industrial Research and Development Foundation, BIRD Foundation executive director Dr. Eitan Yudilevich told “Globes”. He made the comment during events marking the foundation’s 30th anniversary.
Yudilevich said that no formal agreement had yet been reached, but that the two governments would probably double the BIRD Foundation’s capital, which finances joint ventures by US and Israeli companies. The foundation currently has $110 million in capital, which is expected to reach $220 million. “Doubling the BIRD Foundation’s capital will enable the foundation to double its activity, in other words, to increase the number of ventures that we will be able to support, increase investment in each venture, or decide how to combine the two options,” he said.
The BIRD Foundation supports joint ventures by US and Israeli high-tech companies by finding strategic partners in the two countries and financing the development of joint products. Over the past 30 years, the foundation has funded 740 projects, which have generated $8 billion in direct and indirect sales.
The BIRD Foundation supports projects without receiving in exchange any rights in the participating companies or in the projects. The investment is repaid solely from royalties, in the event that a project reaches market, which does not always happen. The foundation does not require companies to refund investments in failed projects.
Yudilevich said that the development of green technologies, especially renewable energy, and homeland security and antiterrorism projects would be the foundation’s priorities as it enters its fourth decade of activity. This trend was the reflected in the 30th anniversary speeches.
Published by Globes [online], Israel business news - www.globes.co.il - on June 25, 2007
