TASE - Tel Aviv Stock Exchange Ltd.

02/24/2021 | Press release | Distributed by Public on 02/25/2021 06:59

Management of Cleantech Company Phinergy, Opens Trading in Celebration of its IPO on TASE

Management of Cleantech Company Phinergy, Opens Trading in Celebration of its IPO on TASE

Press Release

Tel Aviv, February 24, 2021 - Management of Phinergy opened trading this morning in celebration of its IPO on TASE.

Phinergy is one of the 16 new companies that listed on TASE's equity market since the beginning of 2021, raising NIS 1.5 billion in aggregate, based on a total value of NIS 5.4 billion. The company is included in TASE's Cleantech Subsector, which currently comprises shares of 18 companies, with a total market cap of NIS 50 billion.

Since the beginning of 2020, 7 new cleantech companies joined TASE, 3 of which listed in 2021, reflecting the local and global growth of this sector.

Founded by Aviv and Dekel Tzidon in 2009, Phinergy develops systems for generation, backup and storage of energy, based on the company's groundbreaking, proprietary metal-air technology. Phinergy's aluminum-air battery is a clean, emissions-free, source of energy that is used for emergency power backup in critical facilities and for electric mobility, while the company's zinc-air battery is used for energy storage from renewables.

The company raised NIS 200 million in a book building IPO of shares to institutional investors, based on a company value of NIS 986 million.

At the beginning of April 2021, the shares of the company are expected to join TASE's SME-60, SME-150, TA Tech-Elite, TA Global-BlueTech, TA-Technology, TA-Cleantech and TA-Energy Utilities indices.

Aviv Tzidon, Chairman and Founder of Phinergy, said: 'I am extremely proud of Phinergy's IPO on the Tel Aviv Stock Exchange. What started out as research at the Bar Ilan University has evolved into a company with technology achievements and proven products operating at customer sites. Today we conquer another significant milestone that will allow us to set up a plant in Israel and deploy our products globally. We are delighted to share this achievement with the employees of the company, who are integral to its success and hold equity interest in the company.'

​Hani Shitrit Bach, EVP and Head of Listings at TASE, said: 'We congratulate Phinergy on joining the TASE family and expect to see more cleantech companies join us, carried forward by the Israeli and the global growth of this sector. TASE has launched the Cleantech index to accommodate this growth, recently introducing related investment products. Clean energy is essential to our planet and the growth and development of this sector in Israel promises a greener and healthier world for all of us. We wish the company success and growth, to the benefit of both investors and the Israeli economy'.

In the picture from right to left: Emmanuel Levy, Deputy CEO, Dekel Tzidon, Co-Founder and Chief Innovation Officer, Aviv Tzidon, Co-Founder and Chairman, David Mayer, CEO and Hani Shitrit Bach, EVP, Head of Listings at TASE.

Photography credit: The Tel-Aviv Stock Exchange.

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