Government owned IndianOil has upped its stake in Israel metal-air battery company Phinergy as the fossil fuel firm looks to “embrace emerging alternatives”.
Both companies are in the process of forming a joint venture in India for collaboration on aluminium-air battery system for e-mobility and stationary applications.
Start-up Phinergy specialises in aluminium-air and zinc-air batteries, and the joint venture will expand its research & development, customisation, manufacturing and assembly of aluminium-air energy systems.
The joint venture intends to setup a factory in India to manufacture the technology.
Both companies are in discussions with auto manufactures for adoption of the technology in 3-wheel, cars and buses. But, as BEST finds in its latest edition, the technologies promise of high energy density, low cost is still a long way from commercialisation.
Sanjiv Singh, chairman, IndianOil, said the deal was part of the company’s evaluation of a “number of opportunities” to deliver products on to India’s mobility market.
He said: “We are confident that this aluminium-air battery technology would complement lithium-ion batteries to provide a hybrid solution for large-scale adoption of electric vehicles in the country.”
The announcement on 4 February won’t surprise many for as the world marches toward a decarbonisation future fossil fuel giants— think BP, Total and Shell— are buying into renewables and energy storage industry.