IndianOil partners with Israeli firm for aluminium-air systems
Indian Oil Corporation Ltd (IOCL) has inked a pact with Israeli start-up company Phinergy, specialising in hybrid lithium-ion and Aluminium-Air and Zinc-Air battery systems, to form IOC Phinergy Private Ltd.
The joint venture (JV) will manufacture Aluminium-Air (Al-Ai) systems in India based on the domestic availability of aluminium and recycle aluminium for energy use.
Indian automobile manufacturers—Maruti Suzuki and Ashok Leyland already signed a letter of intent (LOI) with the newly incorporated JV IOC Phinergy Ltd for the country's e-mobility infrastructure.
The JV between Indian Oil and Phinergy for commercialising Aluminum-Air technology is a technology-driven Energy Transition.
India has been looking for a breakthrough in storage technology-batteries that are compact, cheaper, lighter and have higher energy density. According to Indian Oil, Al-Ai technology can address challenges in the e-mobility sector in the Indian market.
Al-Ai technology applications include energy backup for critical sites, range extension for electric vehicles, or low-cost renewable energy storage.
Phinergy is an Israeli start-up company developing unique metal-air technology, turning metals such as aluminium and zinc into a modern way to store, transport and generate clean and safe energy.