Indian Oil Corporation Ltd (IOC), the country’s top refiner and fuel marketer, has entered into a joint venture agreement with Israel’s Phinergy to produce aluminum-air (Al-Air) batteries, an alternative to costly and more popular lithium-ion batteries.
State-run IOC will hold a minority stake in the joint venture with Phinergy, IOC stated without specifying the size or the value of the stake. IOC said the joint venture automobile battery venture is part of the company’s quest to embrace emerging energy alternatives and to firm up viable, customer-convenient automobile battery technology options.
Phinergy is a start-up in clean and high energy-density battery systems based on metal-air technology, which generates electricity using aluminium or zinc as an energy source.
The joint venture will focus on research and development, customization, manufacturing, assembly, sales and servicing of Aluminum-air energy systems technology.
The joint venture will manufacture Al-Air batteries for electric vehicles and stationary applications and facilitate development of eco-system for Al-Air technology, IOC stated in a release.
Aluminum is abundantly available in India and its extraction and recycling technologies are also very well established.
IndianOil’s collaboration with Phinergy will help in reducing import dependence of the country and ensure the country’s energy security in risky Geo-political environments.
This is an Agency News-Feed; edited by Clean-Future Team