Indian Oil picks up minority stake in Israel’s battery developer Phinergy

Indian Oil has picked up a minority equity stake in Israel’s battery developer Phinergy and the two companies plan to jointly set up a facility in India to manufacture metal-air batteries for electric vehicles, the country’s top refiner said in a statement.

Indian Oil and Phinergy are setting up a joint venture in India for collaboration in the field of Al-Air battery system including research & development, customization, manufacturing, assembly, sell and service of aluminium-air energy systems technology, as per the statement. The JV aims to set up a factory in India to manufacture Al-Air batteries for Electric Vehicles and stationary applications and facilitate development of eco-system for Al-Air technology, Indian Oil said.

Phinergy specialises in aluminium-air (Al-Air) and zinc-air battery systems that have potential applications in electric mobility and stationary applications. The preference for this technology is also because aluminium is abundantly available in India and its extraction and recycling technologies are also well established.

“We are confident that this Al-Air battery technology would complement Lithium-ion batteries to provide a hybrid solution for large-scale adoption of electric vehicles in the country. Al-air battery technology has advantages on a number of factors like range, energy density, safety of operations, life-cycle etc., the India-centric,” Indian Oil Chairman Sanjiv Singh said.

Both companies are in discussions with leading auto manufactures for adoption of this technology in 3-wheelers, cars and buses, according to the statement.

ET News
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