Indian Oil, Israeli Firm Phinergy Form JV To Manufacture Aluminium-Air Batteries In India
18 Mar 2021 13:24:33
New Delhi, March 18: Giving the major push to the E mobility, State-owned Indian Oil Corporation inked the agreement with, Israeli-firm Phinergy to launch a Joint Venture (JV) in India for manufacturing Aluminium-Air batteries in the country. The pact was signed in the presence of Union Petroleum Minister Dharmendra Pradhan and Israel's Energy Minister Dr. Yuval Steinitz.
Under this pact, the equal joint venture will replace lithium with aluminum to make batteries that will charge faster and give a longer run. This will "help overcome most of the challenges facing EVs including range anxiety.
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According to the company, Al-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.
This technology will also boost India's existing aluminum industry and help the nation become self-reliant in the energy field and, promote the ''Make in India'' drive. At a virtual event marking the event, Maruti Suzuki and Ashok Leyland signed a letter of intent (LOIs) with the newly incorporated JV. This will "help overcome most of the challenges facing EVs including range anxiety," IOC Chairman S M Vaidya said.
Speaking at the occasion, Pradhan said the fruition of the vision of our Prime Minister 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.
He said, that energy is integral to support the fast-growing Indian economy and its ambitions. "Our energy sector will be growth-centric, industry-friendly, and environmentally 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 decarbonize mobility."
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