IOC acquires stake in Israeli battery developer Phinergy
New Delhi: State-owned Indian OilNSE 0.78 % Corp (IOC) on Tuesday said it has acquired a minority stake in Israeli battery developer Phinergy Ltd for developing ultra lightweight metal-air batteries that can be used in electric vehicles (EVs). “To start with, IOCNSE 0.88 % has taken a minority equity stake in Phinergy,” the company said in a statement, without giving details about the size of interest or the acquisition cost.
Founded in 2008, Phinergy develops an assortment of zero-emission batteries including aluminum-air and zinc-air batteries designed to offer power sources for electric cars.
