Maruti Suzuki and Ashok Leyland signs LOI with the new JV
New Delhi: Dharmendra Pradhan, Minister of Petroleum and Natural Gas & Steel, along with Minister of Energy, Israel, Dr. Yuval Steinitz , witnessed the launching of a Joint Venture (IOC Phinergy Private Limited) between Indian Oil Corporation Limited (Indian Oil) and Phinergy, an Israeli start-up company specializing in hybrid lithium-ion and aluminium-air/zinc-air battery systems.
Based on domestically available aluminum, the joint venture plans to manufacture Aluminum-Air systems in India. Under this technology, recycling of used Aluminum will help India in becoming “Aatmanirbhar” for energy requirements. The new Indo-Israeli JV also intends to develop fuel cells and indigenous hydrogen storage solutions for promoting green mobility.
This collaboration was initiated during the visit of Shri Narendra Modi, the Prime Minister of India to Israel in July 2017.Following which, Letter of Intent were exchanged between the respective companies during the visit of Hon’ble Prime Minister of Israel to India in 2018.
In a significant boost to India’s pursuit of e-mobility, the two of the leading Automotive manufactures in India, Maruti Suzuki and Ashok Leyland, signed Letters of Intent (LOI) with the newly incorporated JV IOC Phinergy Limited during the ceremony.
Speaking on occasion, Minister Shri Dharmendra Pradhan mentioned that energy is integral to support our fast-growing Indian economy and its ambitions. He said that the technology to develop indigenous batteries using locally available Aluminum fits into the energy vision of India as espoused by Prime Minister Modi, wherein he has given a clear call for increasing contribution of electricity to decarbonize mobility
In his remarks Minister of Energy, Israel, Dr. Yuval Steinitz, stated that we have been looking to provide clean energy to India using technology that is made in Israel. This has been a big dream and the dream is becoming a reality today with the signing of these MoUs. I am sure that we are going to succeed with the help of all stakeholders.
The collaboration between IndianOil and Phinenergy marks yet another substantive step towards the collaboration between the two countries in the Energy sector.