India’s state-owned Indian Oil Corporation has signed energy technology tie-up deals with Israeli companies— including one developing aluminium-air battery systems.
New Delhi-headquartered Indian Oil signed letters of intent with startup Phinergy and the Yeda Research and Development Company, a technology transfer company, in Israel, last week.
Phinergy is working on energy system based on metal-air technology. The system produces energy by combining aluminium, oxygen, and water, which the company said allows a lighter system with “a lifespan of thousands of working hours”.
Indian Oil said the move aimed to adopt Phinergy’s energy systems for the Indian market for both mobility and stationary industrial applications.
Indian Oil’s Faridabad R&D centre will lead the research and the deal could lead to manufacturing sites for the energy system in India initially, the corporation said.
The deal comes two years after Phinergy completed a $50 million round of funding to continue developing its aluminum-air and zinc-air batteries.