Indian company to make aluminum-air systems with Israel's start-up

India's state-owned fuel company - Indian Oil Corporation entered into a joint-venture (JV) collaboration with Israel's start-up company Phinergy to manufacture aluminum-air systems in the country, a company statement said Thursday.

The joint-venture also intends to develop fuel cells and indigenous hydrogen storage solutions for promoting green mobility.

Coinciding with the collaboration between the two companies, two of India's leading automotive manufacturers Maruti Suzuki and Ashok Leyland signed a letter of intent with the newly incorporated JV company - IOC Phinergy Limited, the statement said.

"The JV between Indian Oil and Phinergy for commercializing Aluminum-Air technology is an important initiative towards technology-driven Energy Transition. Aluminum-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," said S M Vaidya, chairman of Indian Oil.

India's energy demand is going to increase at a faster pace compared to the world, and the country is looking for a breakthrough in storage technology-batteries that are compact, cheaper, lighter and have higher energy density, said an official from India's ministry of petroleum and natural gas.

(Xinhua)