DSIT and Tel Aviv University Collaborate to Win Development Grant
GIVAT SHMUEL, Israel, Sept. 3, 2013
GIVAT SHMUEL, Israel, Sept.3, 2013 /PRNewswire/ --DSIT Solutions Ltd., a
subsidiary of Acorn Energy, Inc. (NASDAQ: ACFN), disclosed today that the
company and Ramot, the technology transfer company of Tel-Aviv University,
were jointly awarded a grant from MEIMAD. MEIMAD is a collaborative program
between the Israeli Ministry of Defense, the Office of the Chief Scientist at
the Ministry of Economy and the Ministry of Finance, to jointly promote new
ideas and new technologies that can serve both commercial applications and
military needs. MEIMAD provides funding money for projects involving joint
innovation and development between Israeli industrial companies and
universities. This grant is for a 30-month project for the joint development
of a next generation Fiber-Optic Based Perimeter Security System Interrogator.
The total amount of the grant is approximately $650,000 with approximately
$260,000 expected to be received over the next 12 months. The Interrogator,
the optics/electronics heart of any fiber optic sensing system will be
utilizing advanced Dynamic Optical Frequency Domain Reflectometry (D-OFDR)
technology developed by Prof. Avishay Eyal of Tel-Aviv University.
Prof. Avishay Eyal of Tel Aviv University Engineering Faculty said, "I am very
pleased about the opportunity to collaborate with DSIT. Our research and
development efforts over the past decade have been focused on developing
distributed and quasi-distributed sensors that transform acoustical and
vibrational signals, over long distances, into digital data. This data,
however, is meaningless if not properly processed. DSIT scientists and
engineers are world leading experts in turning this data into valuable and
Meir Hahami, DSIT's VP Technology, remarked, "the D-OFDR Interrogator,
together with other interrogator technologies, will enable DSIT to propose
customer-tailored solutions to Security and Defense customers seeking
low-cost, high-sensitivity perimeter security systems."
Benny Sela, DSIT's CEO, commented that, "winning the MEIMAD grant together
with Ramot at Tel Aviv University is an important milestone towards DSIT's
entry into the Fiber Optic Sensing applications world. In this development
program, DSIT will contribute its unique expertise in acoustic signal analysis
to distinguish between background noises and operationally valuable alerts
received by the very-high sensitivity D-OFDR Fiber Optic array."
The MEIMAD grant is designed to cover 50% of the development costs of the
project over a period of 30 months. The grant calls for the signing of a
Cooperation and IP sharing Agreement between the DSIT and Tel-Aviv University.
DSIT develops sonar, acoustic and Fiber Optic Sensing solutions and acts as a
system integrator for advanced Security and Defense systems. The Company's
offerings are designed to provide the latest in technology and its intelligent
application for the energy, commercial, defense and homeland security markets.
The Company's offerings include: AquaShield™Diver Detection Sonar (DDS),
PointShield™ Portable Diver Detection Sonar (PDDS), Sonar Simulators and
Trainers, Portable Acoustic Ranges (PAR), Underwater Acoustic Signal Analysis
(UASA) systems, Sonar Upgrade Programs (SUP) and Fiber Optic Sensing
solutions. For more information visit www.dsit.co.il
MEIMAD is program funded by the Israel Ministry of Defense, the Office of the
Chief Scientist at the Israel Ministry of Economy and the Israel Ministry of
Finance. MEIMAD sponsors defense, industrial and commercial generic research
and development of dual-use defense - commercial technologies.
About Ramot at Tel Aviv University
Ramot is the technology transfer company of Tel Aviv University. Ramot
fosters, initiates, leads and manages the transfer of new technologies from
university laboratories to the marketplace by performing all activities
relating to the protection and commercialization of inventions and discoveries
made by faculty, students and other researchers. Ramot provides a dynamic
interface connecting industry to leading-edge science and innovation, offering
new business opportunities in a broad range of emerging markets. For more
information, visit www.ramot.org .
About Acorn Energy
Acorn Energy, Inc. is a holding company whose four portfolio companies help
their customers achieve greater productivity, reliability, security, and
efficiency—factors which can lead to greater profitability. GridSense provides
monitoring for all critical points along the electricity delivery system.
OMNIMETRIX remotely monitors emergency back-up power generation systems to
increase their reliability. US Seismic supplies fiber optic sensing solutions
to increase oil/gas production and lower costs. DSIT provides security
solutions from underwater threats to naval and marine based energy assets. For
more information visit: http://www.acornenergy.com .
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to
risks and uncertainties. There is no assurance that Acorn Energy, Inc. or its
operating companies will continue to grow their respective businesses, or that
any of them will meet the expectations or execute the initiatives described or
referred to above. A complete discussion of the risks and uncertainties which
may affect Acorn Energy's business generally and the businesses of its
subsidiaries is included in "Risk Factors" in the Company's most recent Annual
Report on Form 10-K as filed by the Company with the Securities and Exchange
Company Contact:Meir HahamiVP TechnologiesDSIT Solutions Ltd.+972 3 531 3333
Investor Contact:Paul HenningCameron Associates(212) 245-8800
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