Genova to raise $500,000 for olive-driven fuel plant Start-up Genova will establish a pilot facility at the village of Julis to produce electricity from olive oil press waste. Globes November 7, 2005 Start-up Genova Ltd., a Misgav Technology Center (MTC) company, has entered a round of funding to raise $500,000 to establish a facility for energy production from olive waste Genova announced today that it has signed an initial agreement with an olive press in the Galilee village of Julis to establish a pilot facility that will produce electricity from olive waste material. According to the agreement, the half million-dollar facility will be built at the site of the press and will produce an estimated 200 kilowatts (KW), supplying the electricity needs of some 70 homes. In addition to generating electricity, the facility will provide a solution to the environmental hazard posed by the olive waste formed during olive oil production. Genova is currently seeking sources of capital in the form of either grants or investments. Among the companies that have shown interest in Genova is the Israel Electric Corp., which two months ago signed an agreement of cooperation with Genova. Genova was founded in 2004 by Dr. Yuri Valdilevsky of Karmiel. The company develops processes for energy and electricity production from biomass (organic refuse). Currently, a number of technologies are sold globally for electricity production from biomass, but are costly and require large facilities. Genova’s patented innovation produces energy and electricity with a table-sized reactor that occupies little space. Olive waste is a viscous material formed in large amounts during olive oil production. Olive oil production yields solid refuse with a weight of some 10% of the total olives used. Israel’s olive groves yield an annual average of 25,000 tons of olives. With Genova’s method, the waste is entered into the reactor and subjected to temperatures of 800° C, ultimately becoming a gas that is burned. The burning gas is environmentally-friendly, releasing no greenhouse gases that damage the earth’s ozone layer, and runs an electricity-generating turbine. Genova initially intends to introduce units that will produce between 200 KW to 0.5 Megawatts. The company has already successfully carried out feasibility tests for producing energy from olive waste and grape rape. According to market research conducted by Genova, the market’s size in Europe reaches hundreds of millions of dollars and supports the demand for biomass-produced energy. The company estimates that units will pay for themselves within three or four years. Genova is targeting Europe’s olive-producing countries, Italy, Spain and Greece, which have large olive presses that can supply the waste for electricity production. “European consumers are willing to pay a higher price for biomass- generated electricity, and at any rate, our price is competitive,” stresses Genova’s CEO Yonat Granot. Granot also said that in addition to producing energy, the facility will provide a solution to the environmental hazard posed by olive waste, which necessitates transportation and recycling. The Misgav Technology Center was established in 1992 by RAFAEL, the Israel Armaments Development Authority and the Misgav Regional Council. It was partially privatized following a $2 million investment by the Trendlines Group Israel. Published by Globes [online], Israel business news www.globes.co.il - on Monday, November 07, 2005