Indian Oil Corporation completes second round of investment in Phinergy, bringing its holding in the company to 17%

To date, Indian Oil has purchased over 14.8 million Phinergy shares, in two installments, for a total of approximately $25 million

TEL AVIV, Israel, Feb. 14, 2024 /PRNewswire/ -- Phinergy (TASE: PNRG) - which develops metal-air technology that produces electricity by combining oxygen from the air with metals - is delighted to announce that multinational energy giant, Indian Oil Corporation, has completed its second round of investment in the company in the amount of $12.5 million. This brings Indian Oil's holding in Phinergy to 17%, purchased in two installments for a total of $25 million, based on an average company value of $146 million.

Aviv Zidon, the company's chairman and founder, said: "These new investment funds will enable us to expand our operations in India through our local subsidiary, implement our plans to increase production of the systems, and continue our progress towards a data center application with a US cloud giant."

Over the years, Phinergy has established strategic activity in the Indian subcontinent, comprising a comprehensive energy ecosystem and applications in the world of telecom backup power. To date, this includes an order from Indus Towers worth approximately $4 million, for the supply, installation, and service of approximately 300 backup systems for its communications towers, as part of a framework agreement for 18,000 systems; agreements with leading companies in the Indian automobile market, including Tata Motors and Maruti Suzuki; and an agreement with Hindalco, one of the largest aluminum producers in India.

David Mayer, CEO of Phinergy, says: "Phinergy is consistently moving towards its business goals, while increasing its presence in Israel, Europe and India. We are proud that our partner in India - Indian Oil Corporation - has decided to increase its holding, after years of fruitful cooperation in building a comprehensive ecosystem in the Indian subcontinent. We see this as a significant expression of confidence in our product, technology, management and employees, and above all a validation of our achievements in recent months."

"This investment will support us in realizing our upcoming expansion and growth plans, which are currently at a most significant stage, and will further the fulfillment of our business goals in the fields of backup power for telecommunications towers around the world, and for data centers, as we have recently reported."

About Phinergy

Phinergy is an innovative cleantech company based in Israel, which develops breakthrough clean energy backup and resilience solutions for customers in a wide range of industries.

The company's patented metal-air technology leverages the vast energy contained in aluminum and zinc, enabling energy generation by combining the metal with oxygen from ambient air. The energy can then be used in wide-ranging applications, from energy backup for critical sites, through electric vehicles, to renewable energy storage solutions.

Phinergy is a World Economic Forum "Technology Pioneer", recognized for its revolutionary sustainable energy solutions.

For further information about Phinergy, please visit phinergy.com or contact Mr. Dor Ganor, [email protected].

SOURCE Phinergy