Indian Oil Corporation enters into joint venture with Israeli firm Phinergy

 Indian Oil Corporation (IOC) entered into a collaboration with Phinergy, an Israeli start-up company specialising in hybrid lithium-ion and aluminium-air, to form IOC Phinergy Private Limited

Indian Oil Corporation (IOC) on Wednesday entered into a collaboration with Phinergy, an Israeli start-up company specialising in hybrid lithium-ion and aluminium-air/zinc-air battery systems, to form IOC Phinergy Private Limited.

According to a press release, the collaboration took place in the presence of Union Minister Dharmendra Pradhan and Israel Energy Minister Yuval Steinitz.

The joint venture will manufacture Aluminum-Air systems in India to boost India's flagship programme - "Make in India" and recycle used Aluminum to strengthen India's energy security.

In a significant boost to India's pursuit of e-mobility, two of the leading Automotive manufacturers in India- Maruti Suzuki and Ashok Leyland signed a Letter of Intent (LOI) with the newly incorporated JV IOC Phinergy Limited, said the release.

Speaking on the occasion, Pradhan said that the fruition of the vision of Prime Minister Narendra Modi has, inter alia, resulted in this Joint Venture being launched today. He said that 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 decarbonise mobility," he said.

The minister further said that based on domestically available Aluminum, the joint venture plans to manufacture Aluminum-Air systems in India, which will provide a boost to India's flagship programme - Make in India and at the same time, recycling of used Aluminum will help India in becoming "Aatmanirbhar" for energy requirements.