State-owned Indian Oil Corporation (IOC) and Israeli battery developer Phinergy formalised a joint venture to manufacture ultra-lightweight metal-air batteries for electric vehicles (EVs), a venture that got its first customers in Maruti Suzuki and Ashok Leyland.
The equal joint venture will replace lithium with aluminum to make batteries that will charge faster and give a longer run. This will “help overcome most of the challenges facing EVs including range anxiety,” IOC chairman S M Vaidya said.
“Al-Air technology will help us overcome most of the current challenges for e-Vehicles and address most of the potential customers’ pain-points, including range anxiety, higher cost of purchase, and safety issues. This technology will also boost India’s existing aluminum industry and help the nation become self-reliant in the energy field and promote the ‘Make in India’ drive,” he said.
IOC had in February last year acquired a minority stake in Phinergy. Now they have formed a joint venture, IOC Phinergy which will manufacture aluminum-air systems using mostly recycled aluminum.
At a virtual event marking the event, Maruti Suzuki and Ashok Leyland signed a letter of intent (LOIs) with the newly incorporated JV. 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.
The IOC and Phinergy joint venture will set up a factory in India to manufacture aluminum-air batteries for electric vehicles and stationary applications.
Aluminum is naturally available in India and its extraction and recycling technologies are also very well established.