Israel Active

Israel’s XJet (see previously) which develops inkjet technology for 3D printing of small metal and ceramic parts, is seeking to raise about $10 million from an initial public offering (IPO) of shares on the Nasdaq. XJet’s 100 employees doubled revenue to $6 million last year.

Israel’s Airtouch Solar (see previously) will supply its waterless cleaning robots to Adani Green Energy Limited, the leading Indian energy developer in a deal worth $2.5 million. It will boost energy production and save hundreds of thousands of liters of water.

10 years ago, in May 2013, Israeli electric car network pioneer Better Place went bankrupt. But it has had a huge impact on the global EV market and positioned Israel at the forefront of autonomous vehicle and battery charging technology.

Always good to read initiatives to reduce pollution on Israeli roads. Israeli telecoms company Partner is switching most of its employees’ cars from gas to electric. Dozens of charging stations are installed at Partner's Rosh Ha'ayin HQ as it already has one of Israel’s largest corporate electric car fleets.

Cloud company Qubex won the Calcalist and Poalim Hi-Tech's StartUp+ competition. Qubex is building a platform that allows companies to adjust the size of their cloud to their actual consumption. Runners up included Faireez, , , and NOF - Natural Offset Farming.

Israeli AI software development platform Tabnine (see previously) is now used by a million IT professionals every month. This should increase significantly as Tabnine has just been made available on Google Cloud Marketplace.

CNBC’s latest Disruptor 50 List of outstanding startup companies includes Israel’s BeeHero (technology for healthier commercial beehives), Orca Security (agentless cloud security), Snyk (app security products for developers) and Wiz (cloud cybersecurity).   + 

Israel and Morocco have signed three new transportation agreements. They are to allow Israeli driver’s licenses to be used on the roads in Morocco, to encourage direct shipping between the two countries, and to facilitate exchanges related to road safety and transportation innovation.

Israel’s economy grew by an annualized 2.5% in the first quarter of 2023.  This exceeded the 1.5% forecast by the IMF and beat S&P’s forecast of negative growth per capita. Unemployment in April fell to 3.6% from 3.8% in March.

Israel's cabinet has approved a new 65km pipeline between Ramat Hovav and the border with Egypt that will allow an extra 6 billion cubic meters of natural gas to be exported to Egypt annually. It will increase annual revenues from royalties and taxes by hundreds of millions of shekels.