IOC increases holdings in Phinergy to 17%; Move to fortify Phinergy’s telecom backup power biz

Indian Oil Corporation Ltd (IOC), India's state-owned multinational energy company has completed the second round of investment in Israel-based, Phinergy, bringing its holding in the metal-air technology developer to 17%.

In its second round, Indian Oil invested $12.5 million, which will be utilized by Phinergy for expanding its operations in India and increasing production of the systems used for providing backup power in the telecom sector.

"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," said Aviv Zidon, Chairman and Founder of Phinergy.

Phinergy has been successful in establishing its strategic activity in India with a pipeline of orders from leading Indian companies in the automobile, telecom, and industrial sectors.

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; agreements with Indian automobile majors including Tata Motors and Maruti Suzuki; and an agreement with Hindalco, one of the largest aluminum producers in India.

"Phinergy is consistently moving towards its business goals, while increasing its presence in Israel, Europe, and India," said David Mayer, CEO of Phinergy.

"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," Mayer added