Phinergy, an Israeli company specializing in clean energy and aluminum-air backup power technology, saw its stock surge more than 35% on Sunday on the Tel Aviv Stock Exchange. Since the start of July, shares have soared roughly 180%.
The sharp rise came after the company announced it had been selected by an international consortium—led by Google and Microsoft—as an innovative and emission-free solution for providing backup electricity to data centers.
“The selection of our aluminum-air technology by a consortium led by industry giants like Google and Microsoft is clear validation of our solution as a breakthrough in clean energy backup for data centers,” said Phinergy CEO Emmanuel Levy.
“This highlights the potential to replace diesel generators and address the energy demands of AI-era data centers. It’s a major milestone that positions Phinergy at the forefront of the clean energy revolution, with aluminum-air poised to become a new industry standard.”
Phinergy's technology enables low-carbon operation with zero pollutant emissions and is positioned as a clean alternative to diesel-powered generators. The company was chosen from more than 70 proposals submitted to the consortium.
As part of the win, a funded demonstration project will be launched to test Phinergy's solution at megawatt-scale outputs, with installations planned at data center sites operated by consortium members.
The consortium includes Google, Microsoft and Data4—leaders in cloud and data infrastructure—as well as major energy technology providers for data centers, including Vertiv, Schneider Electric and Danfoss.
This partnership follows a memorandum of understanding signed earlier this month between Phinergy and U.S.-based infrastructure giant Rosendin Electric, which aims to integrate Phinergy’s technology into data center and microgrid projects across North America.
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Phinergy went public in 2021 during Israel's IPO boom, marketed as a "dream company," but had since lost about 80% of its IPO value. That changed dramatically this month as its shares climbed by 180%.
The company’s founder and chairman is Aviv Tzidon, a former investor on Israel’s version of “Shark Tank," who was also the lead investor in a recent funding round. Just last week, Phinergy raised 13.6 million shekels ($4.07 million).
According to the company, its backup power systems were activated at mobile network sites near the Gaza border on October 7, helping maintain continuous electricity for several hours during the crisis.