Clean energy company Phinergy has announced the successful completion of an IPO on the Tel-Aviv Stock Exchange. The company raised NIS 200 million ($60 million) in the IPO that was two-times oversubscribed, at a NIS 780 million ($237 million) pre-money valuation. The company is expected to start listing in the course of next week under the ticker symbol PNRG.
Phinergy was founded by Aviv Tzidon (chairman) and headed by CEO David Mayer. The offering was led by Leader Underwriters, Leumi Partners and Menora Mivtachim Underwriters & Management.
Kfar Saba-based Phinergy employs about 50 people, mostly in R&D focusing on the company’s proprietary metal-air technology, which facilitates electricity generation from the chemical reaction between oxygen from ambient air and metals (aluminum and zinc).
The company says that its technology has several applications, including energy backup for critical sites, driving range extension for electric vehicles (EV), and renewable energy storage.
Before the IPO, Phinergy had raised NIS 240 million ($73 million), including a NIS 30 million ($9 million) pre-IPO round from institutional investors, private investors, and existing shareholders. As part of the pre-IPO round, Doral Energy invested NIS 8 million ($2.5 million) in Phinergy. Phinergy has also received several grants from the Israel Innovation Authority.
"I am glad we are listing on the Tel Aviv Stock Exchange, and excited to enter this new phase of mass production and global sales," Tzidon said. " We intend to use the funds raised in the IPO to build mass production facilities in Kfar Saba, which will allow us to meet the high demand for our technology. I am grateful for the trust placed in us by our shareholders who have not sold any shares during this IPO, and I am proud we have reached this stage with our employees owning more than NIS 50 million worth of shares."
Published by Globes, Israel business news - en.globes.co.il - on February 4, 2021
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