Indian Oil Picks Up Stake in Israel’s Battery Developer Phinergy – Make in India

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

Indian Oil and Phinergy are setting up a joint venture in India for cooperation 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 joint venture also aims to set up a factory in India to manufacture Al-Air batteries for Electric Vehicles, 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 enormous scope for applications in electric mobility and stationary applications. The choice 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.

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