JERUSALEM, Nov. 7 (Xinhua) -- The Israel Innovation Authority has announced a support program of 120 million new shekels (about 32.7 million U.S. dollars) in the development of advanced technologies, Israeli Ministry of Economy said on Wednesday.
The amount of money will be invested in entrepreneur consortiums engaged in the development of batteries for electric vehicles, fifth generation communication networks and the development of advanced generic processors.
The consortiums involved cooperate between industry and academia, with the aim of strengthening the technological infrastructure in industry in Israel.
About half of the amount will be invested in "Genpro" consortium that develops generic processor for optimal utilization of processing capabilities, according to the specific needs of each application, using advanced processing platform.
The result is substantial savings in development costs and final products, and thus a significant marketing advantage has been created.
Leading the consortium are Mellanox Technologies, Ceva semiconductor company and a chip lab at Bar-Ilan University, with about 20 companies and academic research groups.
Another 26 million new shekels (7.08 million U.S. dollars) will be invested in the fifth generation communications infrastructure consortium "Heron," which includes 11 companies and 20 academic research groups.
It develops technologies that will enable future wireless networks to deal with traffic volumes that are 1,000 times greater than those of the fourth generation.
A total of 25 million new shekels (6.81 million U.S. dollars) will be invested in the development of semiconductor measurement technologies by the MDM (Multi-Dimensional Metrology) consortium, headed by Applied Materials and Intel, and includes 20 academic groups and metrology companies.
Finally, eight million new shekels (2.18 million U.S. dollars) will be invested in "TEPS" consortium which was established in 2013 by the Israeli government, and develops batteries for electric vehicles.
The consortium engages in the development of innovative technologies for energy sources and electrochemical power for advanced electric vehicles.