Alstom has teamed up with Israel-based technology firms Rotem Industries and Gefen Biomed Investments in creating a joint venture (JV) to finance and support start-ups in the field of renewable and alternative energy and energy-saving technologies.

The new company, named Horizon, will be based in the Dimona city in southern Israel and is expected to begin operations next month.

The French engineering group will hold a 50% stake in the JV, with Gefen holding 30% and Rotem 20%.

The JV aims to finance some ten business-incubation projects in three years.

Alstom said that it chose Israel because the country already has one of the world’s most advanced technology industries in renewable and alternative energy sources.