Israeli clean energy company Phinergy's stock soars 180% after joining 'net-zero' consortium with Google & Microsoft

Israeli clean energy company Phinergy has seen a significant rise in its stock price in the past month, increasing by a total of 180% since July 1.

On Sunday, the stock price rose 35%.

“The sharp rise came after the company announced it had been selected by an international consortium – led by Google and Microsoft,” Ynet reported.

The consortium, known as The Net Zero Innovation Hub for Data Centers, includes several other companies involved in data center technology.

The statement announcing Phinergy’s new membership in the consortium stated that Phinergy “was chosen from over 70 proposals submitted in response to the Hub’s Request for Information (RFI) aimed at identifying clean and scalable backup energy systems for data centers.”

On its website, Phinergy describes itself as a company that “redefines energy resilience thanks to its breakthrough Aluminum-Air technology.”

The technology “releases the abundant energy contained in metal, allowing various applications to efficiently leverage its high energy density for storing, transporting, and generating clean and safe energy.”

It is this technology which will be utilized by the consortium in its attempts to move data centers worldwide towards reduced carbon consumption.

The Net Zero Innovation Hub for Data Centers works in alignment with the long-term goal of many international organizations to reduce energy consumption across the world, in order to combat climate change.

Organizations that advocate for “net-zero” emissions, such as the United Nations, seek to ensure that greenhouse gas emissions do not cause an overall increase in a given year, linking such emissions with climate change.

Such a goal can only be achieved through vast changes in energy production and consumption at a global level.

Ahead of a UN climate conference in 2021, the State of Israel under then-Prime Minister Naftali Bennett joined several other highly-developed nations in committing to reach “net-zero” by 2050.

“The climate crisis affects all of our lives, including those of our children and grandchildren,” Bennett said.

“We must be fully determined,” he continued. “With the new goal, Israel is lining up alongside the developed countries that are already taking action to attain the goal of zero emissions and is redoubling its commitment to the Paris agreement and the international agreements on the issue.”

This commitment has not been reversed under current Prime Minister Benjamin Netanyahu.

As recently as 2024, “the Ministry of Energy and Infrastructure published a framework for achieving net-zero greenhouse gas emissions in the energy sector by 2050,” Israel’s Ministry of Environmental Protection stated in a report submitted to the UN in March of this year.

As noted in the report, one step Israel has taken towards the net-zero goal is its introduction of a carbon tax.

In April, however, the Organisation for Economic Co-operation and Development (OECD) criticized Israel’s environmentalist efforts on the basis that its carbon tax rates were too low.