Israel to invest 34 mln USD in energy R&D

Israel Materials 26 February 2023 22:00 (UTC +04:00)
Israel to invest 34 mln USD in energy R&D

Israel will invest 125 million shekels (34 million U.S. dollars) in energy research and development as well as technological innovation, the country's Ministry of Energy and Infrastructure said in a statement on Sunday, Trend reports citing Xinhua.

The investment will be used to promote Israel's transition to a clean, emission-free energy economy, the ministry noted.

It will focus on the development of renewable energy sources in Israeli seas, including energy generation from the sun, wind, and waves, as well as electricity production from underground heat.

Some of the investment will also be used to promote the integration of hydrogen in the energy sector, including the establishment of a hydrogen park for carrying out research and production, according to the ministry.

The investment is included in the budget of the Israeli government for the years 2023-2024, of which 1.38 billion shekels were allocated to the energy sector.

The budget also includes 206 million shekels for the transition to sustainable energy in urban areas through the promotion of energy efficiency, energy sources diversification, and local authorities' transition to sustainable energy generation.

The energy budget also aims to promote electric transportation and the expansion of the natural gas network.