Indian Oil and Israel’s Phinergy enters into joint venture to boost India’s e-Mobility aspirations
The collaboration between Indian Oil and Phinenergy marks yet another substantive step towards the two countries’ cooperation in the energy sector
In line with India’s stress for innovation, public sector Indian Oil and Phinergy, an Israeli start-up company specializing in hybrid lithium-ion and Aluminium-air/zinc-air battery systems, on Wednesday entered into a joint venture to manufacture Aluminium air systems in India.
The joint venture, witnessed by Dharmendra Pradhan, Minister of Petroleum and Natural Gas & Steel and Israel’s Minister of Energy Dr Yuval Steinitz, will help India in becoming “Aatmanirbhar” for energy requirements. This will also help India in developing fuel cells and indigenous hydrogen storage solutions for promoting green mobility.
In another development, India’s pursuit of e-mobility received a boost when the two of the leading Automotive manufacturers in India, Maruti Suzuki and Ashok Leyland, signed Letters of Intent (LOI) with the newly incorporated JV IOC Phinergy Limited during the ceremony.
Speaking on occasion, Dharmendra Pradhan said energy is integral to support our fast-growing Indian economy and its ambitions.
He said that the 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 contribution of electricity to decarbonize mobility.
In his remarks Minister of Energy, Israel, Dr. Yuval Steinitz, stated “We have been looking to provide clean energy to India using technology that is made in Israel. This has been a big dream and the dream is becoming a reality today with the signing of these MoUs. I am sure that we are going to succeed with the help of all stakeholders.”