IOC Phinergy intends to develop fuel cells
Phinergy, an Israeli start-up company specializing in hybrid lithium-ion and aluminium-air/zinc-air battery systems has formed a joint venture with Indian Oil Corp Ltd to manufacture Aluminum-Air systems in India based on domestically available aluminum.
The Indo-Israeli JV, IOC Phinergy Limited, also intends to develop fuel cells and indigenous hydrogen storage solutions for promoting green mobility, said the Petroleum and Natural Gas Ministry in a release on 17 Mar 2021.
In a significant boost to India’s pursuit of e-mobility, two of the leading Automotive manufactures in India, Maruti Suzuki and Ashok Leyland, have signed Letters of Intent (LOI) with the newly incorporated JV.
Speaking on the JV signing occasion, Petroleum and Natural Gas Minister Dharmendra Pradhan said, “Energy is integral to support our fast-growing Indian economy and its ambitions.”
The technology to develop indigenous batteries using locally available Aluminum fits into the energy vision of India as espoused by Prime Minister Narendra Modi, wherein he has given a clear call for increasing contribution of electricity to decarbonize mobility, said Pradhan.
Israel Energy Minister Dr. Yuval Steinitz added, “We have been looking to provide clean energy to India using technology that is made in Israel. This has been a big dream and the dream is becoming a reality today with the signing of these agreements. I am sure that we are going to succeed with the help of all stakeholders.”
The collaboration between IndianOil and Phinenergy marks yet another substantive step towards the collaboration between the two countries in the Energy sector. It was initiated during Prime Minister Modi’s visit to Israel in July 2017. #manufacturing #investment #energy #OPEC #startup #technology /fiinews.com
