India’s largest commercial oil company, Indian Oil Corporation Ltd., will partner with Lod-based energy start-up Phinergy to develop and produce innovative metal-air batteries, often regarded as the solution for long-distance electric-vehicle travel.
Indian Oil said it had bought a minority stake in Phinergy on Tuesday, which specializes in aluminum-air (Al-air) and zinc-air technologies. Unlike conventional lithium-ion batteries that carry oxygen within a heavy electrode, metal-air systems produce energy by combining aluminum, water and oxygen from the air.
The future incorporation of the long-pursued battery solution into electric vehicles, Phinergy said, will enable long-range driving, five-minute energy recharges and lowering the cost of electric vehicles.
Indian Oil and Phinergy plan to form a joint venture in India to collaborate on developing an Al-air battery system, including research and development, customization, manufacturing, assembly and the selling and service of energy systems. The companies also intend to establish a factory in India to manufacture the batteries for electric vehicles and additional stationary applications.