AquAgro Fund announces its investment in TransBiodiesel

October 15,2008

AquAgro Fund announced the closing of its investment in Transbiodiesel, an Israeli company specializing in enzymatic production of biodiesel from plant oils, animal fats and recycled
greases. The company was founded by Dr. Basheer, a renouned enterpreneur in the field of enzymatic chemistry.

Under the terms of the signed agreements, which have been handled by Yossi Avraham Arad and Co. Advocates, AquAgro fund will acquire 23.5% of the company's shares in return for $1.5 million investment.

"We are very enthusiastic about this investment in Transbiodiesel, a company we believe will bring a unique approach to the key problems of the currect chemical process by introducing an environmentally friendly way of producing biodiesel ", stated Nir Belzer, Managing Partner of the Fund.

About Transbiodiesel

Transbiodiesel Ltd. has patented technology on the use of unique
immobilized lipases for the production of biodiesel from
different oils, including plant oils, animal fats and recycled
greases.

The developed immobilized lipases are characterized with their
high resistance towards short-chain alcohols, typically used as
substrates in the production process of biodiesel. Also, the
developed immobilized lipases are recyclable and tolerate various
inhibitors typically present in raw materials. The developed
enzymatic process for production of biodiesel is economically
feasible and even competitive with the costs for the currently
practiced conventional chemically-catalyzed production process.
Further more, the production process is benign for the
environment and the by-product produced in the process, namely
glycerol, can be used for food and pharmaceutical applications
without excessive purification.

About AquAgro Fund

AquAgro Fund L.P. is a venture capital fund focused on Israel's innovative water, energy and agriculture technlogies. Teh fund was formed by Gaon Agro Industries, AquAgro BgR Germany and Ainsbury Properties Ltd., together with Hillel Milo and Nir Belzer who have extensive investment experience with Israeli technology companies and proven track record of providing superior returns to investors. The Fund managers bring substantial experience int eh field of R&D, marketing and management of the portfolio, and are assisted by a team of experineced research and operational personnel.

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