IOC, Phinergy launch JV to develop fuel cells

Indian Oil Corporation (IOC) on Wednesday inaugurated a joint venture with Israel-based battery technology startup Phinergy to launch IOC Phinergy Private Limited, which will develop fuel cells using aluminium air technology and indigenous hydrogen storage solutions for promoting green mobility.

Maruti Suzuki and Ashok Leyland have also already signed a letter of intent with the newly formed JV for the application and commercial deployment of the storage solutions provided by IOC Phinergy.

Petroleum Minister Dharmendra Pradhan said: “We have the onerous task of ensuring ample access to energy to improve the lives of Indian coupled with the need to have a smaller carbon footprint …