In 2007 the Ministry of Energy and Water Resources announced the establishment of the Heznek Foundation, designed to facilitate research, development and initiative in the fields of alternative and renewable energy and energy efficiency, and to place Israel in the center of global research and development in this field.
The Ministry encourages, via the foundation, technological enterprises which promote feasibility studies within the energy domain, such as energy efficiency, smart networks, oil alternatives for transportation and industrial purposes, biomass energy generation and from various types of refuse, hydrogen technologies, clean technologies and more efficient utilization of fossil fuels, as well as renewable energies such as wind, solar energy and fuel cells.
The Foundation assists fledgling energy and energy efficiency projects by financing up to 62.5% of the program’s approved budget, and up to 625,000 NIS. So far, approx. 4.5 million NIS were earmarked annually.