Energtek will own 50% of the new subsidiary while the remaining 50% will be owned by RBCI Ltd, an Israeli company.
RBCI has undertaken to provide $300,000 for the initial financing of Energstore, to foster its development goals including a natural gas storage pilot project, subject to milestones.
RCBI has similarly committed to provide additional $2,200,000 to finance commercial projects.
Energtek CEO Lev Zaidenberg said that the company is confident that the combination of Energtek’s board and team natural gas supply solutions expertise, together with RBCI’s track record of successful project structuring, financing and implementation will enable its mutual company to undertake a significant role in this field.
