Indian Oil Corporation (IOC) has acquired a minority stake in Israeli battery developer Phinergy for developing ultra lightweight metal-air batteries that can be used in electric vehicles (EVs). The company and Phinergy will form a joint venture in India to collaborate in developing aluminium-air battery system including research & development, customisation, manufacturing, assembly, sell and service of aluminium-air energy systems technology.
The joint venture intends to set up a factory in India to manufacture aluminium-air batteries for electric vehicles and stationary applications and facilitate development of eco-system for AI-Air technology.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydro carbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.