Indian Oil Corporation enters into joint venture with Israeli firm Phinergy
Indian Oil Corporation (IOC) on Wednesday entered into a collaboration with Phinergy, an Israeli start-up company specialising in hybrid lithium-ion and aluminium-air/zinc-air battery systems, to form IOC Phinergy Private Limited.
According to a press release, the collaboration took place in the presence of Union Minister Dharmendra Pradhan and Israel Energy Minister Yuval Steinitz.
The joint venture will manufacture Aluminum-Air systems in India to boost India’s flagship programme – “Make in India” and recycle used Aluminum to strengthen India’s energy security.
In a significant boost to India’s pursuit of e-mobility, two of the leading Automotive manufacturers in India- Maruti Suzuki and Ashok Leyland signed a Letter of Intent (LOI) with the newly incorporated JV IOC Phinergy Limited, said the release.
