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

Feb 14, 2024•almost 2 years ago

Amount Raised

$12.5 Million

Kfar SabaRenewable Energy

Investors

Indian Oil Corporation

Description

Indian Oil Corporation has completed its second round of investment in Phinergy in the amount of $12.5 million, bringing its holding in the company to 17%.

Company Information

Company

Phinergy

Location

Kfar Saba, Center District, Israel

About

Phinergy develops metal–air technology, turning metals – namely aluminum and zinc – into a new way to store, transport, and generate clean and safe energy. Phinergy's aluminum-air technology releases the abundant energy contained in aluminum, resulting in a clean, safe, cost-efficient, and fully recyclable energy source. Phinergy's aluminum-air technology provides on-demand, clean energy for a variety of applications including energy backup for critical sites, on-demand distributed generation for microgrids, and range extenders for electric vehicles. Phinergy's zinc-air technology provides a high-capacity, low-cost, grid-scale energy storage solution for renewable sources such as wind and solar. Phinergy has established strategic partnerships with leading companies worldwide.

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