"In Israel, we are passionate about clean water and renewable energy technologies," said high tech venture capitalist and OurCrowd creator Jonathan Medved in a release from Lucid Energy. "When we saw considerable interest in the LucidPipe technology from a major Israeli water agency, we realized that Lucid Energy is a game-changer for water agencies who constitute one of the world's largest consumers of energy."
So what exactly is OurCrowd?
By now, you've probably heard of crowdfunding. The term typically refers to typical people, like you and me ('the crowd'), who donate money to specific projects we believe in. A donation may get you some free product, but you don't have any equity or say in the company. Websites like KickStarter have become increasingly popular over the last couple years using this concept.
OurCrowd uses the same idea, but with a twist -- and it's not really for the average Joe. This "equity-based crowdfunding" website has a $10,000 minimum investment required for each startup. The investors then get equity in the companies.
The website claims this type of crowdfunding "is about to take off."
"We are thrilled to be working with OurCrowd and we are amazed at the speed and efficiency of the platform, which has brought entrepreneurial investors to us from as far away as Israel, New York, Brazil and Australia," said Lucid Energy President and CEO Gregg Semler. "We are using the OurCrowd funding to globally roll out the LucidPipe Power System."
Lucid Energy begins construction on the Portland pilot project this April.