In the wake of the tragic events that shook the heart of Israel on October 7, cleantech pioneer Kenaf Ventures finds itself facing significant challenges. The company, known for its groundbreaking technology aimed at reducing global greenhouse gas emissions, has suffered considerable damage due to the devastating incidents in Israel, which also deeply impacted the local community and its investors.
Kenaf Ventures, headquartered in Kibbutz Kfar Aza, had just inaugurated a new factory and was on the verge of ramping up commercial production when the Hamas terrorist organization launched its deadly attack throughout the Gaza Strip, slaughtering and kidnapping hundreds of innocent children, women, and men, and razing entire villages.
Despite the damage sustained during the attack, the company remains resolute in its commitment to press on with production.
“We mourn the tragic, untimely passing of many of our partners – a rare mosaic of precious individuals who have long since become family,” the company said in a statement. “It is still too early to assess the scale of the tragic events still occurring. Nevertheless, one thing is clear – we will continue our life’s work… We will not allow anyone to discourage us.”
The company is known for its innovative use of the Kenaf plant (Hibiscus cannabinus) to naturally absorb carbon dioxide and convert it into biomaterials suitable for various manufacturing industries. Kenaf Ventures’ solutions have been internationally recognized for their ease of implementation, affordability, and potential to make a positive impact on the environment in various industries, including plastics, construction, and insulation.
Kenaf Ventures’ management went on to note that the brutal attack impacted “the body, soul, and finances of many of our company’s partners, employees, and strategic investors,” and as such it will be required to launch a subsequent financing round. “Not only to raise and restore a sense of normalcy,” they said, “but to continue the path we paved to combat carbon emissions and reduce the damage caused by over-industrialization around the world with an accessible, cost-effective, easy, and quick solution to implement on existing systems.”
Kenaf Ventures entered market expansion phase
Founded in 2018 with support from the Israel Innovation Authority, Kenaf Ventures has now entered the market expansion phase, targeting significant markets worldwide. The company has earned international acclaim, receiving awards at prestigious competitions such as BuiltWorld by PWC (PricewaterhouseCoopers) and Tastetech by Sigma, and is forging global partnerships with leading companies.