Indian Oil – Phinergy JV Formed to Boost India’s Green Mobility Aspirations

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Indian Oil – Phinergy JV to manufacture Aluminium-Air systems and indigenous hydrogen storage solutions for promoting green mobility in India

The Indian Oil Corporation (Indian Oil) has announced that it has established a Joint Venture (JV) with Israeli start-up company Phinergy which specialises in hybrid lithium-ion and aluminium-air/zinc-air battery systems. The IOC Phinergy Private Limited JV was launched recently in the presence of Dharmendra Pradhan, Minister of Petroleum and Natural Gas & Steel, along with Minister of Energy, Israel, Dr. Yuval Steinitz.

Speaking on occasion, Minister Dharmendra Pradhan mentioned that 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 Aluminium 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 decarbonise mobility.

Based on domestically available Aluminium, the joint venture plans to manufacture Aluminium-Air systems in India. Under this technology, recycling of used Aluminium will help India in becoming “Aatmanirbhar” for energy requirements. The new Indo-Israeli JV also intends to develop fuel cells and indigenous hydrogen storage solutions for promoting green mobility.

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This collaboration was initiated during the visit of PM Narendra Modi to Israel in July 2017. Following this, the Letter of Intent was exchanged between the respective companies during the visit of Hon’ble Prime Minister of Israel to India in 2018.

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

Minister of Energy, Israel, Dr. Yuval Steinitz, stated that “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.”

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In November 2020, Israeli Prime Minister Benjamin Netanyahu while addressing a digital conference of the India-led International Solar Alliance (ISA) had said that Israel is India’s partner in its quest for a future with low carbon and pollution levels and exuded confidence that solar energy would constitute over 25 percent of his country’s energy supply by 2030.

“We want a future with less carbon and less pollution, a future based on green energy and that’s why I welcome this vital initiative by Prime Minister (Narendra) Modi and I want to assure you that Israel is your partner in this quest,” a government release quoted Netanyahu. “I believe that the most important renewable energy is ingenuity and innovation. And all the countries represented here, beginning with India and Israel, and all of you, are committed to seizing innovation in order to seize the future. And on that, I think we can all be very, very hopeful.”