Hutchison Water, through its Hutchison Water Israel E.P.C Ltd. company, announced today the acquisition of Kinrot Ventures, a technological incubator founded in 1993 as part of the Israeli Incubator Program, from Aqua Agro Fund LP, which owned the incubator since 2010. Kinrot is a worldwide leading seed investor in water and Cleantech technologies. The acquisition has been announced following a notification by the Office of the Chief Scientist of award of a franchise to operate a technological incubator granted to Kinrot, under the new ownership.
According to the Hutchison Water press release, the Company could invest NIS 100,000,000 (or about $25 Million) in the incubator and in its portfolio companies over the coming 8 years.
Dan Eldar, the Executive Director of Hutchison Water said that “the acquisition of Kinrot Ventures is expected to provide early stage companies with access to the highest level of expertise in the water and Cleantech worlds and to enable promising Israeli companies access to diverse world markets in which Hutchison Whampoa Limited (“HWL”) operates. HWL is a global organization, renowned for its commitment to innovation and technology. HWL employs a quarter million people in 52 countries across the world. “
Dan Eldar added that “the acquisition of Kinrot Ventures and the operation of an incubator in the central part of Israel are yet other indications for the long standing commitment of the Group to creation of value in the Israeli market. Having founded Partner Communications Company Ltd., building the Sorek Desalination Plant in Israel and investing in a number of technology companies in this market all testify to the long term commitment of the Group to the Israeli market.”
Assaf Barnea, CEO of Kinrot said: “Hutchison Water’s acquisition of Kinrot provides a rare opportunity for early stage companies and a global platform for entry into growing markets worldwide.”
Oded Distel, head of Israel NewTech, congradulated Kinrot Ventures on the acquisition. “Kinrot Ventures has been a very positive driving force in Israel’s water industry over the past few years. I’m sure that Hutchison Water will be able to further advance the industry and be an important bridge for Israeli companies who are ready to cross from the start-up stage to the more mature stage of international sales and profitability.”