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ISRAEL ELECTRIC CORPORATION ANNOUNCES FOLLOW-ON INVESTMENT IN PRISMA PHOTONICS'
SERIES C, PREVIOUSLY ANNOUNCED AT $20 MILLION
--------------------------------------------------------------------------------
News provided by
Prisma Photonics
20 Dec, 2023, 15:12 ET
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The two Israeli Companies Continue their Strategic Partnership to Monitor the
Country's Power Transmission System Utilizing PrismaPower™
TEL AVIV, Israel, Dec. 20, 2023 /PRNewswire/ -- The Israel Electric Corporation
(IEC), the Israeli electric utility, will join Prisma Photonics' Series C
funding round. This comes after a previous investment in April of 2022. The two
companies have been in partnership since early 2021. Prisma Photonics currently
employs its optical fiber sensing technology to monitor over 1,000 km (more than
620 miles) of IEC's transmission network, detecting electrical faults, damage to
power towers and transmission lines and weather conditions across 20% of
Israel's national grid.
Continue Reading
IEC executives visit Prisma Photonics Control Center, monitoring over 1000 km of
IEC's transmission grid. From left to right: Dr. Eran Inbar (CEO, Prisma
Photonics), Gilli Haizler (Head of Global Innovation and Investments, IEC), Elad
Amram (VP Operations, Prisma Photonics), Amir Livne (Senior VP of Strategy and
Innovation, IEC)
"IEC remains a valued customer and strategic investor, as evidenced by their
participation in our latest funding round," says Dr. Eran Inbar, CEO of Prisma
Photonics. "While our technical partnership spans over several years, this
second investment underscores their dedication to driving innovation in Israel's
power supply industry as they delve deeper into grid resilience to bolster their
renewable energy projects."
"Prisma Photonics' transformative paradigm in critical infrastructure monitoring
aligns with our innovation goals – IEC is committed to becoming a global leader
in advanced power operations through continuous adoption of cutting-edge
technologies. Our second investment signifies our dedication to safety, grid
integrity, and environmental responsibility. This continued collaboration will
better optimize our network for renewable energy integration, using advanced
technologies to ultimately achieve net-zero emissions," adds Amir Livne, Senior
VP of Strategy and Innovation at Israel Electric Corporation.
PrismaPower™ offers a groundbreaking solution for monitoring electrical overhead
power lines, utilizing fiber optics technology to convert existing
infrastructure into responsive sensors. This innovation facilitates real-time
detection and location tracking of potential issues, eliminating the requirement
for extra sensors. Prisma Photonics' optical fiber sensing technology extends
across various infrastructure sectors, such as power, oil and gas pipelines, and
other extended utilities. The technology enhances the safety, efficiency, and
cost-effectiveness of infrastructure operations while actively assisting utility
operators in reaching their net-zero goals.
About Prisma Photonics
Prisma Photonics revolutionizes infrastructure monitoring by using optical
fibers to monitor critical large-scale infrastructure like power grids and oil &
gas pipelines for thousands of kilometers, eliminating the need for sensors.
Combining Hyper-Scan Fiber-Sensing™ technology with machine learning allows
utility operators to reach environmental and renewable energy goals while
keeping operational excellence in their journey to net-zero emissions.
Founded in 2017 by an expert team with a proven track record of building and
scaling companies in the deep-tech domain.
Media Contact:
Emily Torrans
370367@email4pr.com
Mahoney Communications Group
214-500-9670
SOURCE Prisma Photonics
×
MODAL TITLE
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