Israeli metal–air batteries company Phinergy plans to team up with Chinese partners to invest in the development of aluminium-air battery systems in China.
Chinese aluminium products manufacturer Yunnan Aluminium said it had formed a joint venture company with Phinergy and China’s Shanghai Zuoyong New Energy Technology for the CNY813.8 million ($128.6m) project.
The joint venture— temporarily named Yunnan Phinergy Chuang Neng Metal Air Battery— will be based in Kunming, in China’s southwestern Yunnan Province. It will focus on R&D, production and sales of aluminium–air battery systems and “supporting products”.
Yunnan Aluminium and Phinergy will each own a 32% stake in the joint venture in the joint venture, while Shanghai Zuoyong will hold the remaining shares.
Yunnan Aluminium said in a Shenzhen Stock Exchange announcement that the new company aimed to reach 100MW production sales although no timeline was given.
However, Yunnan Aluminium said while China was in the early stages of aluminum-air battery development, the prospects to develop the market were good.
Phinergy did not respond to a request by BBB for comment.
The Israeli firm is working on battery systems that produce energy by combining aluminium, oxygen, and water, which the company claims allows a lighter system with “a lifespan of thousands of working hours”.
BBB reported in January that India’s state-owned IndianOil had signed an energy technology tie-up deal with Israeli companies— including Phinergy— for both mobility and stationary industrial applications.
A $50million investment in 2016, led by a $10million injection from aluminum manufacturer Alcoa, brought Phinergy’s total valuation to $280 million.