Pythagoras Solar Raises $10 Million Series A for Photovoltaics

Pythagoras Solar Inc., a solar energy company developing innovative
photovoltaic technology, announced recently the successful
completion of a $10 million Series A financing round, led by Israel
Cleantech Ventures and joined by Pitango Venture Capital and
Evergreen Venture Partners. Pythagoras Solar, the first company that
was conceived and incubated within Precede Technologies, will use
funds for Israel-based R&D and global commercialization of its
innovative technology and products that have the potential to change
the economics of solar power.

\"The team behind Pythagoras Solar combines outstanding technology
and product vision with impressive track records of building
successful entrepreneurial businesses,\" said Meir Ukeles of Israel
Cleantech Ventures, who will join the company\'s board of
directors. \"By addressing some of the key challenges facing the
photovoltaic industry they exemplify how Israeli innovation is
expanding from its traditional realms to the new challenges of the
21st century.\"

\"Solar energy is the ultimate answer to the global quest for
renewable energy,\" said Gonen Fink, CEO and co-founder of Pythagoras
Solar. \"We are very pleased to be supported by the leading venture
funds in Israel and with the strong traction our technology has
received from the industry. We look forward to building a world-
class team of scientists and engineers who are prepared to tackle
the multidisciplinary challenges that the photovoltaic industry is
facing as it grows into a substantial factor in the world energy
market.\"

Fink elaborated, \"Those challenges combine software models, optic
and system design, semiconductor processes, materials science and
mass manufacturing techniques to build cost-effective, highly
durable solar energy products.\" Pythagoras Solar was founded in 2006
by Fink, previously at Check Point Software, Dr. Itay Baruchi, a
winner of the Scientific American magazine\'s \"50 most significant
scientific breakthroughs\" award, and Precede Technologies. The
company, which expects to disclose more details about its
technologies and products by early 2009, has an R&D center in
Hakfar Hayarok, Israel and a US office in San Mateo, California.
Orni Petruschka, a partner in Precede Technologies and a director at
Pythagoras Solar, said: \"Solar energy is a very important
development area in Israel and we are extremely happy to have Israel
Cleantech Ventures bringing their domain expertise and breadth of
knowledge to help Pythagoras Solar grow on the foundation that were
laid during its Precede stage.\"

Following the round, Boaz Dinte, Managing Partner of Evergreen
Venture Partners will join Chemi Peres, Managing General Partner of
Pitango Venture Capital, on Pythagoras\' board of directors. Dinte
and Peres, who have been involved in Pythagoras Solar from its
inception through their investment in Precede Technologies, have
expressed their strong support of Precede\'s unique model, which
leverages the entrepreneurship experience and spirit of Precede\'s
partners to attract world class entrepreneurs and scientists and
work with them to create companies that are well-positioned for
rapid growth.

Source: 
Clean Edge News