Lawstreet Journal

Indian Oil Corporation Signs Joint Venture Agreement With Israel's Phinergy To Produce Metal-Air Batteries

Lawstreet Journal 5 Feb 2020 9:32pm

Image courtesy: Lawstreet Journal Business Indian Oil Corporation Signs Joint Venture Agreement With Israel's Phinergy To Produce Metal-Air Batteries

On February 4, 2020 the Indian Oil Corporation (IOC) made a deal with Israeli start-up Phinergy for making lithium-ion and aluminium-zinc air batteries for electric vehicles. India has bought a minority stake in Israel’s Phinergy and signed a Joint Venture Agreement to produce an alternative to mainstream lithium technology batteries.

Thismove comes at a time when “the government of India is moving towards the electric vehicle consumption so that it can cut short the pollution and lower the country’s fuel import bill”, said IOC Chairman Sanjay Gandhi.

We are confident that this Al-Air battery technology would complement lithium-ion batteries to provide a hybrid solution for the large-scale adoption of electric vehicles,” said the chairman on February 4, 2020. However, the statement did not specify the absolute amount IOC paid for getting a stake in the Israeli company and did not even disclose the percentage of the stake bought.

India is the World's third largest oil importer and consumer. Moreover it ships around 80% of the oil from overseas and indulges in practices to reduce that dependency.

IOC Chairman said that they are working to install natural gas dispensers for various commercial vehicles, enabling them to run on cheap super cooled gas.

IOC has in the previous year imported 3 million metric tonnes crude oil from the United States (U.S.) valuing over $1.5 billion. The fuel retailer said this was one of the largest contracts signed by any Indian Public Sector Undertaking (PSU).

As per the report of 2019 fiscal year India’s crude oil imports have increased by… Continue Reading...

Tagged: Indian Oil Corporation   Joint Venture Agreement  
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