Germany’s Federal Ministry of Economic Affairs and Energy has announced a new grant program to woo Israeli entrepreneurs to its tech hubs.

EXIST Startup Germany is offering grants of up to €150,000 to young Israeli entrepreneurs at universities and research institutes who are starting up a new business, and are willing to set up in Berlin or Potsdam for at least 12 months.

The new program is actually an extension of an earlier project available to German innovators only. EXIST is meant to step up trade between Israel and Germany.

EXIST will act like an incubator and accepted startup teams will be given living stipends, access to VC networks, mentoring, office space and funding for other expenses.

The program is hoping to attract recent graduates with a focus on technology.