Great news for alternative energy start-ups and more established ones, as well as for Israeli and American academics, and “yarokists” of every persuasion.

Renewable Energy World reported recently that the official launch of the US-Israel Energy Cooperation Agreement will take place on 17-19th of February at the Eilat-Eilot International Renewable Energy Conference. According to the event organizers, the Conference “is part of an ambitious program in the southern Arava desert, to generate 100% regional energy independence within a decade. This will create a regional test bed for accelerated innovations. The program serves as a blueprint for other regions in the world. Other similar regional renewable energy programs will be presented.

The Energy Cooperation Act, introduced on March 12, 2007 by Senator Gordon Brown (R-OR), would authorize a grant program of $20 million for each of fiscal years 2008 through 2014 to fund joint ventures between U.S. and Israeli businesses and academics for research, development, or commercialization of alternative energy, improved energy efficiency, or renewable energy sources.

More specifically, the Act authorizes:

• grants to promote (1) solar energy; (2) biomass energy; (3) energy efficiency; (4) wind energy; (5) geothermal energy; (6) wave and tidal energy; and (7) advanced battery technology.

• Makes eligible for a grant projects that address improved energy efficiency or renewable energy sources, or joint ventures between either: (1) a for-profit business entity, academic institution, National Laboratory, or nonprofit entity in the United States, and one in Israel; or (3) the federal government and the government of Israel.

The Act would also establish the International Energy Advisory Board.

With this long-term supplement to existing VC funds for cleantech and with the large potential of securing grants in the near future, the Israel Cleantech field will become open to many more would be participants. (Currently, there are about 600 companies in Israeli Cleantech overall.)

This is good because it allows new ideas that were previously held back by funding issues to develop and take hold, and will sharpen the focus of existing companies hoping to stay ahead of the pack. Israeli companies have touched on nearly every field mentioned for grant eligibility, above all, (1) solar energy, (2) biomass, and (7) advanced battery technology.

Entrepreneurs can be heard revving their non-emitting engines just about now.

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