Phinergy is an Israeli cleantech company that develops patented metal‑air technology which produces electricity by combining oxygen from ambient air with metals such as aluminum and zinc. Its technology targets backup power and resilience applications across industries, including telecom backup for tower sites, data center applications, electric vehicles and renewable energy storage. Phinergy has established strategic activity in the Indian subcontinent and holds commercial agreements and orders, including an order from Indus Towers worth approximately $4 million for about 300 backup systems as part of a framework for 18,000 systems, and agreements with Tata Motors, Maruti Suzuki and Hindalco. On Feb. 14, 2024 Indian Oil Corporation completed a second investment in Phinergy, purchasing shares worth $12.5M and bringing its cumulative investment to approximately $25M for a 17% stake based on an average company value of $146M. The company says the funds will be used to expand operations in India via a local subsidiary, increase production of its systems, and advance a data‑center application with a US cloud giant. Phinergy is recognized as a World Economic Forum "Technology Pioneer".

Total raised

$13M

Funding rounds

1

Latest round

Equity

Latest activity

Feb 2024