IndianOil partners Phinergy to develop
ultra lightweight metal-air batteries
The State-owned Indian Oil Corp (IOC) announced that it has acquired a minority stake in Israeli battery developer Phinergy Ltd for developing ultra-lightweight metal-air batteries which can be used in electric vehicles (EVs). Let us read further about the IndianOil partners Phinergy.
Indian Oil Corp partners Phinergy
The company said in a statement that the IOC has taken a minority equity stake in Phinergy Ltd, “To start with, IOC has taken a minority equity stake in Phinergy.” It has not mentioned the details about the size of interest or the acquisition cost.
Phinergy Ltd
Phinergy is an Israeli start-up company specializing in hybrid lithium-ion and aluminium-air/zinc-air battery systems for electric vehicles. The company was founded in 2008 by Aviv Tzidon, the Co-founder and Chairman of the company. It has developed a revolutionary way to generate electricity using aluminium as an energy source.
Indian Oil Corporation Limited
Indian Oil Corporation Limited, commonly known as IndianOil is an Indian government-owned oil and gas company headquartered in New Delhi. It is the largest commercial oil company in the country.
Joint Venture
The IOC and Phinergy will form a joint venture in India to collaborate in developing aluminium air battery system which includes research & development, customisation, manufacturing, assembly, sale and service of aluminium-air energy systems technology.
“The joint venture intends to set up a factory in India to manufacture aluminium-air batteries for electric vehicles and stationary applications and facilitate the development of eco-system for Al-Air technology,” the statement said.
The aluminium-air (Al-Air) and zinc-air battery systems hold a great potential application in electric mobility and stationary applications. In India aluminium is naturally available and its extraction and recycling technologies are also established well.
“IOC’s collaboration with Phinergy in the field of Al-Air will help in reducing import dependence of the country and isolates the country’s energy requirements from global geopolitical and currency risks.”
IOC Chairman Sanjiv Singh said that the company is very much confident about AI-Air battery technology and it will complement lithium-ion batteries to provide a hybrid solution for adopting electric vehicles at large scales in India.
Related article: Batteries development using indigenous metals by IOC
AI-air battery technology has many advantages such as range, energy density, the safety of operations, life-cycle, the India-centric, etc, he said.
The duo partners are in discussion with leading auto manufacturers for adopting this technology in 3Ws, cars & buses.
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