Hutchison Water to Spend 100 Million Shekels in Israel Incubator
Hutchison Water, a unit of Hong Kong-based Hutchison Whampoa Ltd. (13), bought an Israeli incubator known as Kinrot Venture and plans to invest 100 million shekels ($25 million) in it during the next eight years.
Kinrot, founded in 1993 as part of the government’s push to encourage innovation, holds more than 10 companies focused in water and clean-technology development. Hutchison bought the company through an Israeli unit from Aqua Agro Fund LP, which owned the incubator since 2010, according to an e-mailed statement.
Israel has several companies in the water industry, since the country has limited natural water resources and has seen municipal water demands rise three-fold since 1970.
Israel’s water reserves have been depeleted by six years of below-average rainful. The nation plans in the next 40 years to spend about $58 billion upgrading “what is already one of the world’s most advanced water-management programs,” according to Alasdair Wilson, an analyst at Bloomberg New Energy Finance.
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