Israeli Electric Battery Company Phinergy Fueled By $50M Investment

January 10, 2016 | Phinergy, an Israeli company developing electric car batteries, has raised $50 million in an investment round led by its strategic partner Alcoa, according to Calcalist. One of the largest aluminum producers in the world, Alcoa is investing $10 million in Phinergy following a cooperation agreement signed two years ago to develop aluminum-air car batteries. Since then, the companies have demoed their technology on a motorized boat on Lake Neuchâtel, Switzerland, where the aluminum-air battery gave the boat an extra 25 hours at sea. Founded in 2008 by CEO Aviv Tzidon, Phinergy is thought to have a valuation of $280 million.