Israeli energy company Phinergy raises 38 million shekels for green development
Phinergy has secured 38 million shekels in a private placement to accelerate the commercialization of its aluminum-air green backup generator for the data center market.
Phinergy has announced the approval of a capital raise totaling approximately 38 million shekels through a private placement. The funding, led by institutional entities and strategic partners from Israel and abroad, is intended to accelerate the development and commercialization of the company's clean energy technology for the data center market.
The investment deal comprises two main components. The first is the board of directors' approval of a transaction totaling approximately 33 million shekels involving five investors. Under this agreement, approximately 12.2 million shares will be allocated at a price of 2.71 shekels per share, alongside an identical number of options with an exercise price of 5 shekels. A corporation controlled by Migdal Insurance led the round with an investment of approximately 15 million shekels. The investor group also includes an American investment fund operating in the AI and energy sectors, an American partner in the system's development, and the Hatzavim hedge fund.
Alten has requested to join the round with an additional investment of approximately 4.7 million shekels under identical conditions, subject to shareholder approval. The private placement was led by Giza Underwriting.
The proceeds will support Phinergy's work plan and expedite the commercialization of its aluminum-air based green backup generator. The system is expected to undergo demonstration and validation in the coming months. The company noted that the involvement of American investors may facilitate business partnerships in the target US market.
Emmanuel Levy, CEO of Phinergy, stated:
"We see the current raise as a very significant step on the way to realizing our strategic goals, first and foremost the successful completion of the system's validation. The company's management is committed to continuing to move forward with full force to bring the system to the commercial stage and realize the significant potential inherent in this market."
