Enel partners with Israeli start-ups for energy-innovation

Italy-based energy firm Enel SpA is planning to collaborate with Israel-based start-ups for developing new technologies to reduce generation costs of traditional and renewable energy. To this end, Enel has partnered with Shikun & Binui, an Israeli construction firm, for opening an innovation lab in May 2018. This lab will look for companies to develop projects. At the beginning, Enel will only collaborate with the selected start-ups and later invest in them. Reportedly, the selected start-ups will receive $295,000 from the Israel Innovation Authority and the Israeli government’s investment agency, as well as additional funds from Enel and Shikun & Binui.