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Fossil fuel giant IndianOil buys into energy storage industry with share boost in metal-air firm Phinergy

Thu, 02/06/2020 - 16:18 -- Paul Crompton

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.

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