After leading Israel’s hostage recovery efforts, Maj. Gen. Nitzan Alon joins ex-Enlight CEO to back energy innovation
The pair relaunch Elements, a VC fund targeting Seed and Series A investments in energy, climate, and infrastructure.
Gilad Yavetz and Major General Nitzan Alon first decided to establish a venture capital fund focused on the energy sector in the summer of 2023. However, the outbreak of war on October 7 that year, which profoundly affected both of their lives, put their plans on hold. Yavetz, then CEO of the renewable energy company Enlight, lost his son, Captain Yiftah Yavetz, in the fighting, while Alon, a senior member of the Matrix computing company, was called up to the reserves to head the IDF’s Hostages and Missing Persons Headquarters.
Now, following Alon’s completion of his role about a month ago, after all living abductees were released, and Yavetz’s transition to serving as chairman of Enlight, the two are returning to their original vision: launching the fund they first conceived two and a half years ago.
“It is clear that Gilad and I are not the same people we were before the war, but the understanding today is that we need to move forward,” Alon said in a conversation with Calcalist. “Even before the war, I had the opportunity to work with Gilad and recognized the profound disruption taking place in the energy world. Today, more than ever, we see many positive forces among Israeli entrepreneurs and in Israeli society as a whole. Therefore, despite the war, it is important for us to engage in growth and development.”
The fund, named Elements, will invest in companies operating in energy, infrastructure, and climate, with a focus on responding to the dramatic increase in global electricity consumption and the technological transformations required to meet it. Elements will target Seed and Series A investments, with average checks ranging from $1 million to $5 million.
Elements has resumed the fundraising process interrupted in 2023, having already raised $30 million from Enlight, which it invested in several Israeli startups, including Prisma Photonics, FireDome, CaPow, and Vocai. The fund is now seeking additional capital from institutional investors, aiming to expand its total fundraising to $120 million.
The fund has also invested in Square One Labs, an incubator founded by two of the creators of SolarEdge, giving Elements access to early-stage energy-focused companies. As part of this initiative, Amir Fishelov joined the fund as a Venture Partner; he is founder and managing partner at Square One Labs. Other partners in the fund include Gideon Shaw, formerly part of Erel Margalit’s JVP investment team, and Tal Jacobi, who comes from StageOne VC. Yavetz, who founded Enlight in 2008 and recently stepped down from active management to take on the role of chairman, will chair Elements’ investment committee.
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Alon most recently served as chairman of Matrix Defense and CSO at the group. He holds degrees in physics and materials engineering from the Technion and, during his IDF service, led multiple operational and technological units, including the Operations Division, Central Command, and Sayeret Matkal. He also spent nearly two decades in the Intelligence Division.
“I have had several requests to enter the defense tech field, and it is clear this is a significant trend,” Alon said. “But the world of energy is an ongoing challenge that will continue to grow and shape the future for many years to come.”
