After raising close to $300M in capital for zero-emissions battery technologies since 2008, Phinergy has partnered with Indian Oil Corporation to build factory in India.
India’s largest commercial oil company, Indian Oil Corporation Ltd., will partner with Lod, Israel-based energy start-up Phinergy to develop and create innovative metal-air batteries, frequently regarded as the solution for long-distance electric-vehicle travel.
Indian Oil said it had bought a minority stake at Phinergy on Tuesday, which specializes in aluminum-air (Al-air) and zinc-air technology. Unlike conventional ion batteries that carry oxygen within a heavy electrode, metal-air systems produce energy by combining aluminum, water and oxygen in the air.
The near future incorporation of the long-pursued battery alternative into electric vehicles, Phinergy said, will enable long-range driving, five-minute energy recharges and lowering the price of electric vehicles.
Indian Oil and Phinergy plan to produce a joint venture in India to collaborate on developing an Al-air battery system, including research and development, customization, manufacturing, assembly and also the selling and service of energy systems. The companies also plan to establish a factory in India to manufacture the batteries for electric vehicles and additional stationary applications.
“We are confident that this Al-air battery technologies would complement lithium-ion batteries to provide a hybrid option for large-scale adoption of electric vehicles in the country,”
Sanjiv Singh, Indian Oil chairman
Al-air battery technology has advantages on a range of factors like range, energy density, safety of operations, life cycle, etc. Indian Oil expects the evolution of innovative battery solutions will lessen the country’s reliance on imports, that are highly prone to geopolitical and currency-related dangers. The development of Al-air solutions is thought of as particularly relevant to the Indian market due to its natural availability and also the large aluminum production industry in the nation.
“Phinergy is glad to join forces with Indian Oil Corporation Ltd. and share the vision of enabling clean and affordable electricity solutions for India,”
Phinergy CEO David Mayer
