Jan 2

EGM and Israel Electric Company sign a Strategic Cooperation and Investment Agreement

IEC will invest $1 million in monitoring and analytics of the grid.

An agreement for a strategic cooperation and investment was signed between IEC and EGM Ltd. for grid monitoring through sensors.
IEC will invest $1 million as part of a $17 million raising round, to unable the development and deployment of EGM’s system to monitor and analyze the grid.

Ofer Bloch, IEC CEO: “This is a meaningful step in the strategy of IEC towards promoting smart grid, with the goal of monitoring the grid and providing various indications on it, including early warning on malfunctions and in the future advancing to failure prediction ability. This technology will enable IEC to improve its supply reliability, shorten the duration of malfunctions corrections and absorb the large scales of renewable energies, energy storage and electric transportation through precise real-time monitoring of electricity flow on the grid.”

Amir Cohen, EGM Ltd. CEO: “It is a great honor for us to partner with IEC in upgrading electricity supply, its availability and quality for IEC’s customers, through the grid monitoring and analytical capabilities of EGM. Today marks the “end of the beginning” as Churchill said. We have come to this point thanks to a lot of willingness and creativity. The synergy between a leading well-established company in the industry, and a young start-up like us, proves that the future is present and there is exceptional openness to innovation in a world where technological advancement is almost as fast as light.”

This is a meaningful innovative step, one of many that IEC pushes forward, as it looks towards the future and promote innovation.

Right to left: Amir Livne, VP Strategic and Innovation, IEC; Amir Cohen, CEO of EGM; Avi Duetchman, CFO of IEC