- Corporate News
IOCL and Phinergy form JV to boost India’s e-mobility goals
India’s largest state-owned oil and gas public enterprise Indian Oil Corporation Limited (IOCL) has entered into a joint venture with Phinergy, an Israeli start-up company specializing in hybrid lithium-ion and aluminium-air/zinc-air battery systems. The new joint venture is called IOC Phinergy Private Limited.
The joint venture will manufacture aluminum-air battery systems in India to boost India’s flagship programme “Make in India” and recycle used aluminum to strengthen India’s energy security. The new JV also intends to develop fuel cells and indigenous hydrogen storage solutions for promoting green mobility. In a significant boost to India’s pursuit of e-mobility, two of the leading automotive manufacturers in India, Maruti Suzuki and Ashok Leyland, have signed a Letter of Intent (LOI) with the newly formed joint venture.
Among the luminaries present during the virtual ceremony were India’s Union Minister of Petroleum and Natural Gas & Steel (MOP&NG) Shri Dharmendra Pradhan, and Israel’s Minister of Energy Dr. Yuval Steinitz.
Also present were MOP&NG Secretary, Shri Tarun Kapoor, Ambassador of India to Israel, Sanjeev Kumar Singla, Ambassador of Israel to India, Dr. Ron Malka, IOCL Chairman S.M. Vaidya, Chairman of Phinergy, Aviv Tzidon, Maruti Suzuki India Ltd. Managing Director, Kenichi Ayukawa, and Ashok Leyland CTO, Dr. N Saravanan.
Speaking on occasion, Pradhan said the joint venture will help India in its journey towards clean, sustainable, affordable, safe and long-lasting energy options and facilitate much faster adoption of e-vehicles in the country.
“Our energy sector will be growth-centric, industry-friendly and environment conscious. We have the onerous task of ensuring ample access to energy to improve the lives of Indians coupled with the need to have a smaller carbon footprint. In this scenario, this technology to develop indigenous batteries using locally available aluminum fits into the energy vision of India as espoused by Prime Minister Modi, wherein he has given a clear call for increasing the contribution of electricity to decarbonize mobility,” Pradhan said.
“The JV between IndianOil and Phinergy for commercializing aluminum-air technology is an important initiative towards technology-driven Energy Transition. Al-Air technology will help us overcome most of the current challenges for e-vehicles and address most of the potential customers’ pain-points, including range anxiety, higher cost of purchase, and safety issues,” Vaidya said.